Friday April 1, 2022

• Mixed markets out of the report yesterday and continuing on into this morning 
• We got a surprise acreage swap yesterday from corn to beans reporting only the second year ever with more soybean acres than corn
• Highlights from the report:
  • Corn prospective planted acres came in about 3 million less than anticipated
  • Soybeans prospective planted acres came in about 3 million more than anticipated
  • The rest of the results were fairly close to estimates going into the report
• We saw the markets teeter yesterday as a result from the acreage swing with corn bouncing higher and soybeans leading lower
  • If these acres materialize as expected it will leave very little margin for error in the U.S. corn crop to secure adequate domestic and global supplies 
• Expected that the acreage news will be digested into the market over the next couple of trading sessions with focus then shifting back to the Russia-Ukrainian war as any hopes earlier in the week that a resolution was in sight put on hold as tensions increase again