Market Report: Waiting For Tuesday’s USDA Numbers

Corn prices closed about unchanged today as traders are waiting for Tuesday morning's USDA numbers. As far as the reports go, it is one of the biggest of the year. For the Prospective Plantings Report traders are expecting farmers will plant about 2 million fewer acres of corn this year. The major reason is because it takes a lot on money to plant corn. Many farmers will maybe break even or lose money planting corn. So the thought is you will lose less money planting soybeans or another crop. Tuesday we also get the Quarterly Stocks Now Positions or how many bushels of corn are in storage on farms and elevators. The average trade guess is 7.6 billion bushels.

Soybeans closed today with minor losses of 6-7 cents. Traders expect that farmers will plant about 2 million more acres of beans this year in the Perspective Plantings Report. Remember the USDA Outlook Forum in February came up with farmers planting a lot less acres of soybeans. For the stocks report traders expect soybeans to come in at 1.36 bullion bushels. These two reports will be released at 11 a.m. Tuesday morning. They will set the direction of corn and soybeans at least until weather becomes a factor.