Markets are flat today with corn unchanged to start the day.
Traders are positioning ahead of tomorrows USDA report that will be released at 11am. Expectations are for acres to increase with potential yield adjustments.
The FSA inadvertently posted September’s acreage data on Wednesday morning. The data was meant to be released on Friday. The August data set reported corn acres as 90.3 million. The September release ups the acres by 909,468 to 91.2 million. The highest corn acreage increases were seen in South Dakota (+228,695), North Dakota (+221,036), and Nebraska (+148,771). Acres are typically added as more documents are processed by FSA staff. Soybean FSA acres increased 897,396 from the August report to 86.2 million acres in the September issue.
Prevented planting corn acres rose 17,346 acres from August to 637,805 acres according to the latest FSA release. Soybean prevented planting acres are estimated at 336,563 acres according to the latest FSA crop acreage dataset.
December corn (CZ21) is testing support at 5.00 ahead of the crop report tomorrow. FSA numbers have the market turning negative on the addition of new acres added to the program. If the USDA does show this acreage increase in tomorrow’s report, I would not be surprised to see us head towards the CZ gap at 4.775 that was made back on March 31st.
Have a Safe Day!