Analysis of Friday’s Carnage
Benson Quinn Commodities said the biggest surprise on Friday was USDA apparently delaying release with no warning. If the report was delayed and no one knew the numbers, why was corn down 19¢ and beans up 7¢ when the report was released?
As we reported yesterday, the USDA said there were 3.36 million acres of corn and 12.767 million acres of beans left to be planted when USDA completed their survey. What we did not see was a note in the fine print that the survey was done between May 30 and June 16. The market generally assumes the surveys are completed a few days before to 5 days after June 1st.
The largest corn acreage changes vs. the March acreage intentions report: IA up 300,000, KS up 600,000, MI down 100,000, MN up 200,000, NE up 250,000, OH up 100,000, SD up 100,000, and WI down 100,000. IL and IN were unchanged.