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Corn Surges on Report Revelations

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Corn Stocks Surprise Analysts

As the clock struck midday, corn futures catapulted skyward following the release of data by NASS. The current prices are flirting with their daily peaks, boasting hefty double-digit gains of up to 17 ΒΌ cents.

According to NASS data, corn stocks were tallied at 8.347 bbu as of March 1st, with 5.079 bbu on farms and 3.27 bbu off farms. Market expectations had anticipated stocks near 8.45 bbu, making the actual numbers a delightful shock. This revelation implied a robust demand of 3.823 bbu in Q2, a significant leap from the 3.417 bbu recorded last year.

Plantings Report Unveils Surprising Figures

The prospective plantings data from NASS painted a picture of corn acreage at 90.04 million acres, showcasing a year-on-year decrease of 4.61 million acres β€” a stark contrast to the expected drop of 2.84 million acres on average. Notable reductions were observed in Minnesota (-700k acres) and Iowa, Illinois, Indiana, Missouri, Ohio, and South Dakota (all down 300k acres compared to the previous year).

Robust Export Sales Propel Corn Market

In the weekly Export Sales data, a substantial 1.206 MMT of corn was sold during the week ending on 3/21. This figure surpassed estimates, led primarily by strong sales to Mexico and Canada.

May 24 Corn is trading at $4.27 3/4, up 1 cent,

Nearby Cash stands at $4.05 1/4, up 3/4 cent,

Jul 24 Corn is priced at $4.39 3/4, up 1/2 cent,

Dec 24 Corn sits at $4.61 3/4, down 1/2 cent,

On the day of publication, Alan Brugler did not hold positions in any of the securities mentioned in this article. The information and data provided are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy.

The expressed views and opinions in this article belong solely to the author and may not necessarily align with those of Nasdaq, Inc.

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