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Futures Close Report 31/03/21

USDA Acreage report delivered bullish findings with forecasts for US corn and soybean plantings well below those expected by analysts – US markets up by their daily limit as a result.

Corn seen at 91.144m acres (circa 93.208m acres expected) and soybeans at 87.6 million acres (89.996m acres expected).  Quarterly grain stocks for the US were also reported,  US soybean stocks seen at the lowest for 5 years and corn was seen at a 7 year low.

Comments this morning are already questioning some of the USDA reported figures given the relatively strong incentives for US farmers to increase their acreages (China demand / Biofuels push) and it may be that we see some revision of these figures when the next report is released in early June.