 A bearish round of USDA report has all three lower on the week. Corn has been the worst for wear this afternoon, falling off as much as 17 cents lower on the day and pushing the May contract to a new contract low. The biggest market reaction has to be to corn seedings at 92.792 million acres. This soundly surpassed the highest pre-report estimate, and sent corn reeling immediately upon the report release at noon Friday. The plantings number figures to be adjust in future releases as the USDA’s survey period began before the bulk of the flooding issues across the Midwest began which should push acres towards soybeans. Corn stocks were also a bearish 8.605 billion bushels as of March 1 st according to the USDA, versus the pre-report estimate of 8.335 billion. The USDA figure is still below U.S. stocks for the same time last year, but well into the upper range of expectations.
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