03/06/2025 More Questions Than Answers

On the Grains
I am back in the saddle this morning after a fantastic trip to Commodity Classic. Thank you to all who stopped by the booth to say hello. This was my third Commodity Classic, and each year brings a different tone from producers. This year’s was surprising, most farmers said they would not change acres and chase the market. So, did we buy 94 million acres like the USDA forum said? Did they not want to acknowledge that they were chasing corn, or were they on the fence yet? I would guess a mixture of both. While the $4.70 crop insurance price looks head and shoulders better than the $10.54 soybean guarantee, the margin at $4.70 isn’t wildly higher than last year. There will be trader positioning heading into the end of the month planting intentions.