Monthly market trends commentary is written by Philip Shaw, B.Sc. (Agr.), M.Sc.
US and World
It is that time. In the United States and to a very limited amount in Ontario planters are rolling across farm country. With the bearish tone set in the market coming off the March 31st USDA projected plantings report, there is much interest in just how many acres American farmers will plant in 2017. For the week ending April 16, 2017, American farmers had approximately 6% of the US corn crop planted compared to 12% last year. It is early yet and weather has not cooperated throughout the American Midwest. As we move ahead, those weather concerns will define the crop mix and ultimately market prices.
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US and World
March 31 is always a seminal date in the grain price calendar. Each year on this date the United States Department of Agriculture (U.S.D.A.) releases their prospective plantings report for all the major crops. It usually serves as the official starting gun on the new crop year as it refines its estimates for crops about to be planted across the United States. It also can represent a major flashpoint in the market along with June 30 and the January U.S.D.A. report as market volatility is usually accentuated as the market focuses on the U.S.D.A. numbers. Quarterly stocks are also released which always gives a good measurement on old crop demand.