Soybeans on Upswing as Corn Slips After USDA Acreage Report

Analysts were expecting soybeans and corn futures to keep heading in opposite directions, even though USDA raised acreage and ending stocks for both grains and soybeans in Thursday’s Acreage and Grain Stocks reports.  “Corn was the most bearish surprise,” observed Brian Basting of Advance Trading, Bloomington, Ill., and the commentator on a post-report MGEX press call. The soybean rally “underscores the export demand,” he explained. Even the stronger dollar and Brexit situation are not expected to exert any downward pull on the bullish market for soybeans, he said.  What was that bearish surprise? USDA placed corn acres at 94.1 million, above the average trade estimate of 92.896 million acres. USDA also said it was the third highest planted corn acreage since 1944. Soybean acres were reported at a record-high 83.7 million acres just slightly less than the trade estimate of 83.834 million acres. Wheat was reported at 50.8 million acres, which is more than the trade estimate of 49.869 million acres. The biggest increase in wheat production came in North Dakota, with 600,000 more wheat acres