The USDA Prospective Plantings and Quarterly Grain Stocks Report is slightly bullish for corn, neutral for soybeans and slightly bearish for wheat, according to DTN Senior Analyst Todd Hultman.

Notably, the agency forecasts a 5% reduction in corn acreage to 90 million acres, below prior estimates and marking a decrease from the previous year. In contrast, soybean acreage is projected to rise by 3% to 86.5 million acres, surpassing pre-report expectations. Wheat’s planting area is estimated to decrease by 4%, including a significant reduction in winter wheat planting, whereas durum and other spring wheat see an uptick in projected acreage. The report also highlights a 4% increase in cotton planting and an 11% decrease in sorghum planting for the year..

Grain Stocks as of March 1, 2024, reveal a substantial year-over-year increase in corn, soybean, and wheat stocks, signaling shifts in domestic supply levels that could impact market dynamics. Corn stocks rose by 13%, soybean stocks by 9%, and wheat stocks saw a 16% increase, reflecting changes in both on-farm and off-farm storage trends.

Read more from the USDA Prospective Plantings and Quarterly Grain Stocks Report here.