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DTN Closing Grain Comments 03/31 13:44
Soybeans Soar on Lower Stocks, Acreage Than Traders Expected
The soybean market got a double bullish whammy of lower-than-expected March
1 stocks and acreage on the March USDA prospective planting and stocks report.
The report was bearish for new-crop corn, with acreage pegged at 1.2 million
higher than the average estimate, and wheat planting was bearish, with all
wheat seeding also just over 1.2 million acres higher than estimates. However,
both corn and wheat stocks were quite a bit lower than a year ago, supporting
the spot futures.
Dana Mantini
Senior Market Analyst
GENERAL COMMENTS:
May corn closed up 11 cents and December corn was down 1/2 cents. May
soybeans closed up 31 cents and November soybeans were up 16 1/4 cents. May KC
wheat closed up 6 1/4 cents, May Chicago wheat was unchanged and May
Minneapolis wheat was up 15 3/4 cents.
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