Planting intentions and Quarterly stocks on Friday

Corn rallied 9 cents last week while soybeans got hit for 48 cents as funds trimmed net long positions. The CFTC Commitment of Traders report has finally caught up with last week’s report. As of last Tuesday, Managed Money is long 111K soybean contracts after selling 17k contracts in that report and they are net short 41K contracts after monster selling the prior 4 weeks that we did not see because of the delay in CFTC reports. Friday felt like the funds were done selling soybeans and they have been small buyers in the corn the last few sessions. We now turn our focus to the Planting Intentions report on Friday. Most are thinking low 90.5 to 91.5 million acres for corn and 87 to 88 million acres for soybeans but Farm Futures which is a survey of farmers came out with 87.7 million acres of corn and 89.6 million acres of soybeans due to higher input costs for raising corn. Those would be interesting numbers if the USDA come close to those it would explain the recent price action in new crop soybeans. For today, we will watch 6.35 & 14.19 for support and 6.44 & 14.40 as resistance. NFC Grain Comments Options -3.27.23