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News and USDA Data

A collection/archive of USDA Report data and our post-report comments, as well as featured article by Roach Ag Daily Grain Plan editors and writers.

John Roach
John Roach
John Roach's Blog

March 2024 USDA Quarterly Grain Stocks & Prospective Plantings

US corn stocks and acreage smaller than expected

March 1st US corn stocks came in at 8.347 billion bushels, compared to 7.396 billion last year. Traders expected stocks to be about 80 million bushels larger than the government counted. Corn prices were further helped with the USDA estimating 90.036 million corn acres for 2024, down from 91.776 million expected by traders.

Beans and wheat stocks were both slightly higher than trade estimates and larger last year.

The important fundamentals this week came today. The USDA numbers gave us a positive surprise in corn. The technical price action, however, is more impressive.

After giving us Sell Signals in corn, beans, and some of the wheat contracts, prices fell sharply. The lows this week, however, were well defended today and it appears that we will close corn, beans, and wheat all above their respective 20-day averages, a positive performance in anybody’s book.

This means we will start next week with spec funds holding major short positions going against them in an uptrending market. I think they will be buyers and hope that we can get to another Sell Signal next week. Be prepared to make sales on April strength.

Source: USDA, Reuters, StoneX

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