Today’s Ag Outlook forum brought a plethora of information from inside the great minds of USDA. The USDA projects 2019 US corn acreage at 92 million acres versus the 89.2 million in 2018. Soybeans are projected at 85 million acres compared to last year’s 89.2 million acres. Wheat plantings are expected to drop to 47 million acres compared 47.8 million acres in 2018. The tug of war between rotations will continue as the market stands anxiously waiting for a trade deal to be completed. All this considered, fieldwork is just around the corner.
For the week ending February 15th, weekly ethanol production saw a decrease of 33 thousand barrels to 996 thousand barrels produced. Total ethanol stocks saw a build of 447 thousand barrels to 23.91 million barrels. Retailor interest in E15 across in the United States has been increasing as President Trump has been touting the new law. Even though these laws have not been put in place, retailers seem confident that the President will follow through with his promise.
March corn finished 4 cents higher at $ 3.75 . March Soybeans closed 8 cents higher at $9.11. March Chicago wheat finished 6 cents higher at $4.87
For more information, you may contact Brock Beadle at 515-341-7040, or e-mail at email@example.com. The opinions and views expressed in this commentary are solely those of Brock Beadle. Data used in writing this commentary obtained from various sources believed to be accurate. This commentary is intended for informational purposes only and is not intended for developing specific commodity trading strategies. Any and all risk involved with commodity trading should be determined before establishing a futures position.