USDA Ag Outlook Forum not a market mover

USDA released its placeholder numbers this morning to start off the new crop balance sheet. They anticipate 91 million acres of corn & 87.5 million acres of soybeans and trendline yields of 181.5 & 52.0. This left projected carryouts of 1.887 bbu. & 290 mbu. These numbers are just a starting point and did not surprise anyone. We will see how much these acres deviate from planting intentions at the end of March. Argentina weather stays hot and dry the next 10 days elevating stress levels. Whispers are starting to float a bean crop closer to 30 MMT with all the growing issues they have delt with this year. This is a record drought for them and continues to pull down production. Brazil still in great shape for the most part but rain will continue to delay harvest progress and corn planting progress. The ideal planting window for 2nd crop corn is close to closing so we will keep a close eye on planting progress. For today, we will watch 6.72 & 15.30 for support in May contracts as well as 6.83 & 15.44 as resistance. NFC Grain Comments Options -2.23.23 – Copy