At the end of the week, wheat and corn prices surged following the USDA's report indicating a significant reduction in planting intentions for 2024, with corn plantings expected to drop by over 4.6 million acres and wheat areas also seeing a decrease. Conversely, soybean plantings are projected to increase, aligning with analysts' predictions. However, US international sales of soybeans and soybean meal fell short of market expectations, in contrast to the robust sales of wheat and corn. This led to an uptick in wheat and corn futures for May 2024, while soybean futures experienced a slight decline.
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Original content
Wheat and corn prices ended the week with a strong increase Thursday evening, mainly in reaction to the USDA report concerning the 2024 American rotations. The American Department of Agriculture in fact put the intentions at only 90 million acres. corn plantings by American farmers, a drop of more than 4.6 million acres from last year. Wheat areas are also estimated to have fallen significantly over one year, due in particular to a sharp contraction in the rotation of winter varieties. Soybean plantings, on the other hand, are expected to increase, but in proportions already anticipated by analysts. Note, however, that US international soybean sales fell below market expectations again last week, at only 264 kt. Weekly soybean meal sales also missed consensus during the period (127kt). Wheat sales, on the other hand, exceeded projections, ...
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