QUARTERLY STOCKS REPORT/PROSPECTIVE PLANTINGS

NASS released their Quarterly stocks report and Prospective Plantings report on Tuesday, March 31.  Corn stocks came in higher than expectations at 7.745 billion bushels.  Soybean stocks came in slightly below expectations at 1.334 billion bushels.

The corn acreage estimate was released at 89.2 million acres vs. expectations of 88.9 million acres.  Soybean acres were announced below expectations at 84.6 million acres vs. expectations at 86.0 million acres.

The initial market reaction was weaker corn prices and higher soybean prices.

CornandSoybeanAcreage3

Prospective Plantings:

http://www.usda.gov/nass/PUBS/TODAYRPT/pspl0315.pdf

Quarterly Grain Stocks:

http://www.usda.gov/nass/PUBS/TODAYRPT/grst0315.pdf