Mar 31 USDA Planting Intentions Report

USDA March 31 Planting Intentions Report Tomorrow.

By Moe Agostino.

Just a recap that the USDA is also expected top release the much anticipated March Planting Intentions Report tomorrow March 31, 2009. We remain bullish corn and bearish soybeans and wheat however if we did take more acres away from corn tomorrow than what the markets expecting corn could become the leader in the grain complex and drag wheat and soybean prices through July 1 barring any unforeseen disease or weather issues.



Following is a summary of USDA and Private Analyst Estimates;

CORN
SOYBEANS
WHEAT

2008 ACRES
86.00
75.70
63.10

2009 INFORMA
81.49
81.50
59.7

2009 FC STONE
84.00
77.00
59.0

2009 USDA
86.00
79.00
58.0

2009 Linn Group
86.00
79.70
59.2


(In millions of acres)



Grain analysts expect USDA Quarterly Grain Stocks for March 1 being reported tomorrow to show soybean stocks at 1.31 billion bushels compared to a year ago at 1.43 billion bushels. Soybean stocks as of Dec. 1, 2008 were 2.28 billion bushels. Corn stocks at 7.00 billion bushels vs. last year at 6.86 billion bushels. Corn stocks as of Dec. 1, 2008 were 10.10 billion bushels. Wheat stocks at 1.06 billion bushels vs. last year at 0.71 billion bushels. Dec. 1, 2008 wheat stocks were 1.41 billion bushels.