USDA Data Seen as Neutral to Bearish
The USDA released its Quarterly Grain Stocks and Prospective Plantings reports today causing a bearish reaction from the markets.
Al Kluis of Kluis Commodities sees the report as price negative. "The USDA's corn acreage estimate is surprising to the high side. It will be interesting to see what today's trade does with the USDA's lower soybean estimate and lower wheat acreage estimate," Kluis says.
Corn acreage is being reported as the third highest since 1944.