USDA inadvertently posted some acreage reporting data on the FSA website
yesterday and took it down shortly thereafter. Then, reposted the data to ensure
“equitable” access. A cursory look at the data has some suggesting a million
more corn acres and no change in soybeans? Factual implementation of that data
tomorrow in the WASDE reports. This morning I am personally no surer of what
we see for acreage changes (if any) than yesterday currently. Recent history of
report day surprises keeps us humble.
Corn opened the night session steady but quickly lost a couple cents. Soybeans opened a 1⁄2¢ higher and set the nightly high 2 3⁄4¢ higher before starting the slide to these mornings low.
At 0530 CZ21 off 4 1⁄4¢ on volume of just under 16K contracts. SX21 now off 8 1⁄4¢ on the low with vol of just over 9K to this point. Wheat complex all lower this morning as well.
Dow futures working on its 4th lower close today. At 34,916 Dow futures off 97 points. Crude up 11¢ at 69.41. US $ showing modest weakness.
No corn or soybean deliveries. None expected. Soybean oil had 154 lots delivered.
Gov’t announcing plans to lower meat prices it thinks are caused by the concentration of the packing industry. Plan takes $1.4 billion in COVID-19 relief money and funnels it towards small meat producers and workers, presumably to create competition with the “big four” meat packers. This, the same Gov’t who allowed the “Big Four” to become the “Big Four” In the spirit of Reagan, “We are from the Government, and we are here to help”.
Export sales delayed until tomorrow due to Monday’s Holiday. USDA monthly Supply / Demand report tomorrow as well with its extremely important yield updates and the above-mentioned acreage data incorporated.
Larger corn and soybean carryout baked into seasonal price weakness with a rough looking technical price picture.
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