New crop prices keep moving higher

We had a mixed to slightly higher day yesterday and we are higher across the board overnight. New crop corn and soybeans are competing for acres. The current ratio is around 2.23 which would be favoring corn in a normal year but with high input prices this looks to be in the more neutral range. Informa came out with estimates of 91.4 million acres of corn, 88.6 for soybeans and 47.5 for all wheat. These look reasonable for the current conditions but if these were the numbers USDA prints next week corn would likely rally. We are hearing more talk of shrinking planting acres in Ukraine and a shift to more food crops vs traditional corn. It will be hard to have any kind of handle on Ukraine production this year but have heard that some farmers in ND are planting sunflowers in response so there is another crop bidding for acres. Still watching 7.42 and 16.66 for support in May contracts. NFC Grain Comments 3.23.22

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