Planting Intentions and Stocks Summary
89.49 mln corn acres – way below expectations and very bullish at face value. 90.95 mln bean acres way above expectations and very bearish at face values. Spring wheat acres well below expectations/bullish. That corn/bean acres split is incredibly bizarre and will be subject to much scrutiny but overall this is bullish and should keep stuff well supported. Nothing to see in the stocks data, all three commodities very close to trade expectations.