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Planters Ready to Roll in Earnest After Rain Subsides – March 30, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Planters Ready to Roll in Earnest After Rain Subsides – March 30, 2012
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Planters Ready to Roll in Earnest After Rain Subsides – March 30, 20123/30/2012 8:45 AM

CORN: HIGHER
Old crop corn futures dove 70 cents per bushel nine days prior to the highly anticipated Grains Stocks and Prospective Plantings Report. Prospective corn plantings are at 95.9 million acres versus 91.9 last year. Corn stocks are estimated at 6.01 billion bushels, down about 150 million from average trade estimates and versus 6.52 last year. The net result of this report is friendly old crop corn and bearish new crop long-term. Interesting to see much of the acreage increase in corn plantings is in the southeastern U.S. Corn basis has been soft at the Gulf and many areas of the Midwest. Planters are ready to roll in earnest after this rain event subsides with much of the preparatory fieldwork done. Expect old/new corn spreads to scream higher. Over-the-counter old crop corn is trading 10-15 higher as of this writing. Expect a higher start.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund