The USDA came out with a bit of surprise on Tuesday pegging prospective plantings for corn at 97 million acres. The trade was expecting something below the 95 million acre mark.
Markets reacted accordingly with corn down sharply before rallying back to being closed to unchanged on the day for nearby delivery. New crop was down $0.02 ¼ on the day. This stabilization may be due to how much has been taken out of the corn market in recent weeks due to slowdowns in ethanol.
No real big surprises other than corn in the report. Soybean acres were on the low end of expectations but still within the range of analyst estimates.
In closing markets.
Chicago May Wheat futures closed down just a half cent to $5.68 ½.
Kansas City Hard Red Winter Wheat up $0.06 ¼ to $4.93.
After being down sharply earlier in the trading day, May Corn ended the day just down a half cent to $3.40 ½.
Portland prices for soft white wheat of ordinary protein firmer yesterday ranging from $6.05 to $6.20.
Club Wheat of Ordinary Protein steady. $6.10 to $7.80.
Dark Northern Spring wheat prices mixed on the day now ranging from $6.74 ¼ to $7.14 ¼ for 14% protein.
Live Cattle futures were up $3 on the June board to $92.07 ½. Feeder Cattle for May up $2 to $122.90.
Class III milk continues to decline down $0.37 on the day to $14.49.