After the USDA report last night we saw fireworks!
According to the USDA report , US Farmers planted fewer corn and soybean acres than the trade expected.
In the June prospect planting report, the USDA pegged the 2021 US corn acreage at 92.7 million, 1 million short of the 93.7 million trade expectation.
The USDA also sees 2021 soybean acreage at 87.6 million, 1.5 million acres short of the 89 million trade expectation.
With stocks tight for both commodities in the US and crop condition far from ideal, the planting report has been the catalyst for the market to firm and prices to rise.
On the back of the report market prices have firmed from £10-25 on some commodities.
All eyes will now turn to the weather as a good yield will be needed to avoid supplies getting tighter. Scattered showers are forecast for the next few days, but turn hot and dry in the 8-10 day record.
As harvest approaches, European new crop production confidence continues to increase . In the latest EU crop market production forecast, EU-27 wheat production is estimated at 126.8MT, up 8.5MT from last year.
Volatility will be the word for the market throughout the summer and the rest of the year.
Contact the office on 01409 254 300 for on farm prices.