Grain markets continued adjusting following the release of USDA's closely watched Acreage and Grain Stocks reports, with traders weighing larger-than-expected supplies against ongoing weather concerns across the Corn Belt. USDA estimated U.S. farmers planted 95.3 million acres of corn this spring, unchanged from its March forecast but down 3% from last year. Soybean acreage totaled 85.4 million acres, while wheat plantings exceeded several market expectations. Analysts said the reports reinforced expectations for ample grain supplies if favorable growing conditions continue through the summer. Corn futures remained under pressure while traders shifted attention toward July weather forecasts and export demand. Market analysts noted that weather during pollination will likely become the primary price driver over the next several weeks. Export sales, ethanol demand and crop condition ratings also will remain closely watched. The quarterly Grain Stocks report provided an updated snapshot of on-farm and commercial inventories heading into the heart of the growing season.
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