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Massive USDA reports coming Thursday
Thursday's a big day for the U.S. corn and soybean business. Major USDA reports -- namely Prospective Plantings -- will help crystallize this year's corn and soybean crop sizes. But, the way Mother Nature's acting now, there could be a lot of wiggle room between Thursday and planting time.
"Intentions for corn and soybean plantings equal to or slightly larger than those of last year would not be a surprise. Given that planting of those crops in the Corn Belt will be later than last year's planting, there is more opportunity for actual plantings to deviate from intentions this year," says University of Illinois Extension ag economist Darrel Good. "Weather conditions, planting progress, and price relationships will be monitored closely to judge potential changes."
"More and more people are wondering if corn stocks will be smaller than previously thought. This topic of discussion has been 'trending' since the supply/demand report on March 8th, where the feed/residual use for corn was increased," say Agriculture.com Market Analysts Ron and Sue Mortensen. "A change in feed use before a stocks report is unusual."