USDA Plantings and Stocks Jolt Grain Trade as Wheat Acres Lag, Corn Tops Forecasts

Overview

• USDA reports released Tuesday put intended U.S. plantings at 95.338 million acres for corn, 84.7 million for soybeans, and 43.775 million for all wheat, with March 1 stocks at 9.024 billion bushels of corn, 2.105 billion of soybeans, and 1.3 billion of wheat.
• Corn acreage came in above trade guesses while wheat was below expectations, a mix that reset price expectations after Tuesday’s intraday swings and set up a softer Wednesday open for corn, soybeans, and a wheat pullback.
• Weekly export inspections underscored split demand signals as soy shipments totaled 586,427 metric tons and remain 27% below last year, while corn loadings reached 1.789 million metric tons and stayed ahead of year‑ago pace.
• Recent EPA renewable fuel targets and a summer E15 waiver signal stronger pull for ethanol and biodiesel, which can lift demand for corn and soybean oil beyond what planting and stock levels alone imply.
• Cattle futures extended gains on stronger boxed beef values, hogs eased on softer cutout readings, and APHIS reported 40 screwworm cases in Tamaulipas plus one in Nuevo León as USDA evaluated a phased reopening of Mexican cattle imports.