This post contains charts summarizing today’s Grain Stocks report numbers and Prospective Plantings report numbers relative to the average trade estimates heading into the reports. Corn planted area was the larger “bearish surprise” on record for the March report, while the “other spring” wheat area estimate was the largest “bullish surprise” on record. The “bullishness” of the spring wheat number, though, needs to be kept in context of the excessive old crop stocks situation and the fact that March 1 wheat stocks were larger than expected.
