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North American Grain and Oilseed Review: Second day of losses
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North American Grain and Oilseed Review: Canola falls back, gives up most of Monday s gains
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USDA sees US 2021-22 corn, soybean acreage lower than previous estimates
The US corn acreage for the 2021-22 marketing year (September-August) has been estimated at 91.1 million acres, while soybean acreage in the country for 2021-22 is seen at 87.6 million acres, the US Department of Agriculture said March 31 in its Prospective Plantings report.
Acreage estimates for both corn and soybean are lower than the USDA’s February Outlook Forum forecast. The USDA in its Outlook Forum expected area under corn in 2021-22 to be at 92 million acres, while soybean acres were seen at 90 million acres.
The average analyst estimate was also higher at 93.2 million acres for corn and 89.99 million acres for soybean. S&P Global Platts Analytics estimated acreage under US corn in 2021-22 to be at 93 million acres and soybean acreage to be at 90 million acres.
How next week s USDA report could impact grain prices
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These events could spur another round of price action in this bull market.
Price volatility continues for grain futures. Extreme price swings, dynamic fundamentals, and strong global demand are creating an exciting bull market.
Last Friday’s USDA Outlook Forum fed the bulls again with a continued view of tight ending stocks for corn, soybeans, and wheat for the remainder of 2021, and even heading into 2022! This outlook for tight ending stocks is due to strong demand, so if there are any weather issues this summer, the bull market will accelerate with gusto.
After trading quietly since the Feb. 9 USDA report, grain futures prices resiliently resumed the uptrend this week. The outlook again remains friendly. Looking ahead, here are items to watch closing during the month of March which could spur the round of price action for this bull market: