Post-Report HOT TAKE
Alright, we might as well rip the Band-Aid off first, starting with Friday’s report which brought a bearish surprise in corn - both old crop and new.
2024 corn planted area came in at 91.5 million acres - up 1.4 million from March and 1.1 million higher than pre-report expectations.
In fact, 91.5 was even higher than the highest pre-report estimate at 91.3, making this the second consecutive acreage report that has been a big industry miss.
March was a shock, coming in a few million acres under pre-report expectations and June came in just the opposite:
State by state changes from March to June:
Today’s larger-than-expected acres just accelerated selling that has been accelerating for two weeks now…
New crop futures have lost 60 cents in seven consecutive lower sessions:
This has become painfully accurate:
Dec 14, Dec 24 & Joe Biden’s approval rating - all making new lows:
Old corn wasn’t spared from the losses last week either as June 1 corn stocks were 100 million bushels larger than pre-report expectations:
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