Corn futures put up the strongest gains of the day following the release of key USDA acreage and grains stocks reports on Thursday.
The acreage report was the primary driver for corn, putting expected US planted area at 90.03 million acres, down 5% from the 94.6 million acres planted a year earlier and on the low side of pre-report trade expectations that ranged from 90 million to 93.4 million. March 1 corn stocks of at 8.347 billion bu were also a bit below the average trade estimate. May corn climbed 15 ¼ cents to $4.42, and December was up 15 ½ cents at $4.77 ¾.
Wheat futures closed mixed, with the Chicago and Kansas City winter wheat markets higher but Minneapolis spring wheat lower. The Minneapolis market was boosted by a larger-than-expected spring wheat acreage estimate of 11.3 million acres. However, total US all wheat acres were reported at 47.49 million, down 4% from last year. Winter wheat acres were lowered 1% from the USDA’s previous estimate in January. May Chicago wheat gained 12 ¾ cents to $5.60 ¼, May Kansas City added 7 cents to $5.85 ¼, and May Minneapolis was down 6 cents to $6.45.
Soybeans got no real direction from the USDA, with both the acreage and grain stocks reports both considered largely neutral versus trade expectations. May slipped a penny to $11.91 ½, and November gained 2 ¾ cents to $11.86 ¼.
