Acreage numbers in the grain stocks and acreage report yesterday were the surprise, with both corn and bean intended acres well below average trade guesses. Most were expecting a potential surprise in the quarterly grain stocks numbers, but they were both pretty close to trade estimates, and by themselves would likely have been viewed as bearish. Corn intended acreage was 91.144 million compared to an estimate of 93.2 million; bean acreage was 87.6 million compared to an estimate of 90.0 million.
Markets were limit up yesterday and higher again overnight, led by old crop corn and new crop beans. Weekly export sales just out this morning show lackluster numbers, corn sales were 31.4 million and soybean sales 3.9 million.
Reminder: the markets are closed tomorrow for Good Friday. This will give the trade 3 days to think. Weather looks good for some early planting, possibly next week. The next data input will be the monthly WASDE report on Fri, April 9. Trade will be expecting some upward demand adjustments to corn exports.
Corn: up 8-10c
Beans: up 3-6c