Planting intentions and Quarterly stocks

Quiet overnight session as we move to report day. Average estimates are 90.9 million acres of corn and 88.3 million acres of soybeans so we will look for divergence from these numbers to drive price action. This is an intentions report and after the kneejerk reaction we expect the markets to eventually put more risk premium back into new crop prices. Quarterly stocks could be a surprise for corn as there are questions about how much corn we have actually fed this quarter so we will be monitoring that number. After this report is out, we will start looking at the spring planting situation and how acres will adjust from today’s report. For today, we will use 6.42 & 14.62 for support and 6.55 & 14.80 for resistance. NFC Grain Comments Options -3.31.23