Market report: Corn and Beans Higher

Just when you think you know what the USDA is going to do they throw a curve ball.

I was convinced that the USDA Outlook Forum would have a very bearish set of projections. We did get the acre projections today. Economists projected 89 million corn acres this year and 83.5 million soybean acres. Both of those were smaller than most traders anticipated.

You must remember those are projected acres, because the USDA will conduct a survey with farmers in March. The end of March we will see those numbers in the Projected Plantings Report.

Also remember the projected yields from the Outlook Forum will be released Friday. I suspect this may be one of the major reasons corn was up 6 cents today and beans were up about 11 cents.