January USDA report takeaways

January USDA report takeaways

Let it not be said the U.S. Department of Agriculture (USDA) doesn’t continue to surprise us. The trade went into the report with a slightly positive bias for wheat, neutral for corn and a little negative for soybeans. They were somewhat wrong on all counts, albeit none of the numbers were a huge shock.

The winter wheat planting number may have been the biggest surprise. The 32.6-million-acre plantings were 1.5 million higher than expected. Still, they represented an...

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