Tuesday, March 31, 2009

USDA Planting Intentions Report Sparks Rally in Grains

Corn and soybean futures each jumped roughly 5% today after the USDA released its Planting Intentions Report.

Some quick highlights from the report reveal that there appears to be plenty of corn and beans coming our way, but cotton will continue to be neglected, as we had anticipated.
  • Corn acreage is down 1% from last year, but is still projected to be the 3rd largest acreage in over 50 years.
  • Soybean acreage is on track for a record year, up slightly from 2008.  This is below expectations though, hence the rally.

cotton futures rally
Cotton futures rallied on today's planting intentions report.

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