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Corn futures rallied in response to the late-morning USDA reports. The USDA published its quarterly Grain Stocks and annual Prospective plantings reports at 11:00 CDT today, which sparked a bullish move in corn futures. The data showed March 1 corn stocks and projected 2014 plantings modestly below forecasts. May corn surged 6.5 cents to $4.985/bushel soon thereafter, while December climbed 7.5 to $4.9475.
The soy complex diverged on the news. Soybean and meal futures were little changed ahead of today’s reports, while the oil market had fallen sharply. The USDA numbers subsequently caused a moderate rise in nearby futures, while deferred futures declined in response to the large plantings forecast. May soybeans gained 14.0 cents to $14.505/bushel in late Monday morning trading, while May soyoil fell 0.17 cents to 40.31 cents/pound, and May soymeal added $5.6 to $474.0/ton.