Por Christopher Walljasper
CHICAGO, U.S., Mar 31 (Reuters) – The rise in Chicago corn and soybean futures topped daily trading limits on Wednesday after the USDA released a report showing planting intentions of local farmers less than expected.
* Wheat continued to rise, despite the USDA posting that quarterly cereal stocks were higher than expected.
* The most active soybean futures contract on the Chicago Stock Exchange totaled 70 cents at $ 14.3675 a bushel at 1844 GMT, its biggest daily gain since May 2016.
* Corn was up 25 cents at $ 5.6425 per bushel, while wheat was up 19.75 cents at 6.2125 per bushel.
* Farmers plan to plant 91.144 million acres with corn this year, the most since 2016, and 87.6 million acres with soybeans, the most since 2018, according to the United States Department of Agriculture.
* Both estimates are well below analysts’ expectations of 93.208 million acres of corn and 89.996 million acres of soybeans.
* “With that number of acres and how tight stocks are, this indicates that if we have any kind of summer drought this year, we are in serious trouble in this grain market,” said Mark Gold, Managing Partner at Top Third Ag Marketing.
* USDA’s quarterly cereal stocks report had less impact on markets as estimates were close to expectations.
* US corn stocks as of March 1 were set at 7.701 million bushels, below analysts’ forecasts, while soybean stocks, at 1.564 million bushels, were slightly higher than forecast.
* If USDA soybean planting intentions are met, soybean supplies will continue to be especially tight through the end of 2021, said Craig Turner, Ag Marketing Broker at Daniels Trading.
* “We are going to start next year with extreme price rationing, in which we will have to limit crushing and exports,” he said.
* Wheat followed corn and soybeans higher, but total wheat acreage is forecast to increase 5% to 46.4 million acres, versus analyst predictions of 44.9 million acres. The USDA also noted that wheat stocks were 1.314 million bushels, above estimates.
(Reporting by Christopher Walljasper; additional reporting Naveen Thukral and Sybille de La Hamaide)