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The outlook for spring wheat appears optimistic.
If the recent trend continues with managed money trimming soybeans and adding to corn, the market spreads could quickly begin to narrow back to “more normal”...
The soybean market has truly been impressive and very hesitant to move lower in the face of such bearish fundamentals.
2016 may be in the past but good problems (record yields) remain an issue for producers.
The USDA sees planting acreage falling to 90.0 million acres. Well below the 94.0 million acres that were planted in 2016.
Last week, the USDA released their initial baseline projections with corn acreage seen near 90.0 million and soybeans near 85.5 million.
The weather in South America remains one potentially bullish factor.
The USDA raised its estimate 50 million bushels to 1,025 billion bushels of wheat set to be exported from the US.
While it remains early enough where some flooded out land could potentially be replanted for soybeans, it is too late to try and recover the corn...
For the time being there is a reason to be optimistic in the corn market as March corn has rallied from an August 31st contract low...