Chicago corn futures leap on lower-than-expected US plantings outlook
Chicago Board of Trade (CBOT) corn futures jumped to their highest level in almost eight weeks on Thursday after the U.S. Department of Agriculture reported grain stocks and intended plantings below trade estimates. Chicago Board of Trade (CBOT) corn futures have surged to their highest level in almost eight weeks after the US Department of Agriculture (USDA) reported lower-than-expected plantings and grain stocks below trade estimates. The news led to a surge in corn futures and wheat prices. The most active CBOT corn contract Cv1 soared by 15-1/4 cents to $4.42 a bushel, while CBOT wheat Wv1 gained 12 cents. The USDA also reported that intended plantings for the 2024 harvest were 90.036 million acres, below the average analyst estimate of 91.776 million acres. Despite this, analysts predict that the strong dollar and ample grain and soy supplies in South America and the Black Sea will keep a lid on the markets.
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CHICAGO, March 28 (Reuters) - Chicago Board of Trade (CBOT) corn futures jumped to their highest level in almost eight weeks on Thursday after the U.S. Department of Agriculture reported grain stocks and intended plantings below trade estimates.
The data delivered a bullish jolt to corn futures that also buoyed wheat prices, analysts said.
"It shocked the market," said Don Roose, president of U.S. Commodities. "Corn was positive all the way around."
Intended plantings of U.S. corn for the 2024 harvest came in at 90.036 million acres, the USDA said, below the average analyst estimate of 91.776 million acres. Quarterly corn stocks as of March 1 were 8.347 billion bushels, below analysts' expectations for 8.427 billion.
The most active CBOT corn contract Cv1 soared 15-1/4 cents to $4.42 a bushel, and CBOT wheat Wv1 gained 12 cents to $5.59-1/2 a bushel as of 1700 GMT. Soybeans Sv1 lost 4 cents to $11.88-1/2 a bushel.
U.S. soybean plantings and quarterly stocks were roughly in line with analyst estimates, with plantings rising from 2023. Farmers are switching acres to soybeans after harvesting a record corn crop last year.
"The report is not having a tremendous effect on soy," said Darin Fessler, senior hedge advisor at Lakefront Futures. "We didn't see anything bullish."
The USDA reported total U.S. wheat plantings and March 1 wheat stocks slightly above trade estimates.
"Corn is the driver here, and corn and wheat are going to be neck and neck," Fessler said.
A strong dollar and ample grain and soy supplies in South America and the Black Sea will keep a lid on the markets, analysts said.
U.S. wheat export sales for the week ending March 21 beat trade estimates for the 2023-24 year, while corn export sales were on the higher end of analyst estimates and soybean sales missed expectations.
주제: Markets