The most active corn contract for May delivery fell 0.5 cents, or 0.15 percent, to close at 3.4075 U.S. dollars per bushel. May wheat slipped 0.75 cents, or 0.13 percent, to close at 5.6875 dollars per bushel. May soybeans gained 3.75 cents, or 0.43 percent, to settle at 8.86 dollars per bushel.
March 1 U.S. corn stocks were bullish while 2020 U.S. corn seedings were bearish; U.S. 2020 soybean seedings were bullish while stocks were bearish; and for wheat, both stocks and seedings were close to expectations.
The 2020 estimated seeded acre of 97 million is a big surprise for all, the highest U.S. corn seeding total since 2012. March U.S. corn stocks were at 7,953 million bushels, down 660 million bushels from last year, which is a mildly bullish surprise.
However, such stocks are adequate and the industry's confidence in U.S. Department of Agriculture's (USDA) corn stock totals is low, said market analysts.
As U.S. farmers seeded a greater number of acres to corn, 2020 U.S. soybean seeding increase were less than expected.
U.S. soybean March 1 stocks were slightly bearish with larger supplies. U.S. March 1 soybean stocks were at 2,253 million bushels, down 490 million bushels from last year, but up 16 million bushels from trade estimates. Amid slowing U.S. soybean export demand, the United States has more than adequate stocks which will cap rallies above 9.00 dollars.
U.S. 2020 wheat seeding was down 800,000 acres from last year.
Market analysts said that USDA seeding report is the most important for long-term CBOT price direction. The market is now a hodge-podge that won't offer a lasting chance of a rally without a dire weather problem.