USDA released the first Grain Stocks and Planting Intentions report of 2021 on March 31. This report provides quarterly updates about current grain stocks, as well as a survey-based estimate of 2021 planting intentions. This year farmers have several profitable options to choose from. While corn prices went up by over 70% since August of last year, soybean prices are also back in a profitable range.
The most surprising part of the report had to do with on-farm stocks, which are down 41.3%. At these levels, procuring soybeans from within the US may prove difficult come summer, and many buyers will need to consider importing soybeans from South America. We’ll be watching these estimations closely as the prices of these two commodities will surely determine the price of almost every other feed ingredient covered by Glowlit.