Corn, wheat, and soybean futures all fell on Tuesday as traders positioned ahead of the upcoming USDA acreage and grain stocks reports.
Due to be released Thursday, the reports have a history of jolting the markets, with pre-report trade estimates putting expected 2024 US corn intentions at 91.7 million acres, down from a year ago but up from February’s USDA Ag Outlook Forum projection of 91 million. Soybean planted area is expected to be shown at 86.5 million acres, up from last year but below the 87.5-million acre estimate from the Outlook Forum. All wheat area is seen at 47.3 million acres, up 300,000 from the Outlook Forum but below a year ago.
Wheat posted double-digit gains, as heavy Russian supplies continued to overhang the market. Strength in the American dollar added to the downside. May Chicago wheat lost 11 ½ cents to $5.43 ½, May Kansas City was down 12 ¼ cents to $5.77 ¼, and May Minneapolis dropped 12 ¼ cents to $6.47 ¼.
Reports suggested corn and soybean futures were undermined by farming selling, as producers lightened old-crop stockpiles ahead of the USDA reports.
May corn was down 5 ¼ cents to $4.32 ½, and December fell 6 ¾ cents to $4.68. May beans ended 10 ¼ cents lower at $11.99 and November closed with a loss of 7 ¾ cents at $11.91.
