USDA Acres Intentions & Quarterly Stocks

Corn and soybeans rebounded from Tuesday’s selloff. Russia continued to attack the port city of Odessa and looks like any real peace would have to come at great concession by Ukraine. Today we are looking for corn acres a little below 92 million acres and soybeans near 89 million. We are starting to think the Ukraine situations will keep support under these markets especially in the corn market. It is doubtful that Ukraine will produce any significant corn crop and will be hard pressed to export any of it if they do. There will be ripples from this for the rest of the year and into next year. We think corn will continue to try to buy acres into the planting window before any weather issues. That being said the ECB is wet and is already slowing progress in the Delta. The roller coaster ride will continue no matter what the reports say today. Watch Tuesday’s lows for support after the report. Weekly export sales were strong for soybeans and inline for corn but lower for wheat. NFC Grain Comments 3.31.22