Corn is limit down, wiping out all of March gains in ten minutes. Soybeans and wheat are also down sharply. Corn and wheat are both down more than 5% in the past few minutes. I was fortunate to get fills without a loss!
Soybeans:
from Bloomberg:
U.S. farmers will sow fewer acres
with soybeans this year, the government said, surprising
analysts who were expecting a gain. Corn will get the most
acreage since 1936, the U.S. Department of Agriculture said.
About 77.126 million acres will be sown with soybeans, down
0.1 percent from 77.198 million a year ago, the USDA said today
in a report based on a survey of farmers. Analysts in a
Bloomberg survey were expecting 78.351 million. Corn acreage
will reach 97.282 million, up from 97.155 million last year, the
agency said. The average analyst estimate was 97.339 million.
Soybean plantings fell in Minnesota, the third-biggest
grower, and in every Great Plains state except North Dakota,
offsetting increases in Iowa and Illinois, the two top
producers. Prices for corn and soybeans are up this year, making
the crops attractive for farmers who hope to replenish
stockpiles after drought curbed production last year.
“If you have good yields, corn and beans are the best cash
crops,” Mike Zuzolo, the president of Global Commodity
Analytics & Consulting in Lafayette, Indiana, said in a
telephone interview. “The drought fears are being pulled out
now as we get more moisture across the U.S.”