IAN YOUNG APRIL 1, 2021
Agricultural futures and ETFs surged Wednesday, as the CME Group’s farm reacted strongly to this morning’s USDA data dump.
U.S. farmers will plant lower corn and soybean acreage than the trade expected, according to the USDA.
May corn futures surged 4.64%, to move 25¢ higher to $5.64½, making an explosive move from the prior day’s roughly $5.34 lows. Meanwhile, May soybean futures rocketed 5.12%, or 70¢ higher to nearly $14.37.
Wheat and oats have also climbed more than 3.25%, as the agricultural complexes are rallying Wednesday.
Jack Scoville, PRICE Futures Group, says that the USDA released a wild report and that the uptrend has clearly returned.
“The stocks report was mostly in line with trade guesses, a little less in corn and a little bigger in wheat with soybeans dead-on guesses. Not much there. But the Prospective Plantings report was wild, much below trade guesses for corn, beans, and wheat,” Scoville says.
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