The US acreage report was out last night. The punters had thought for a while now that the last of the corn would be switched into soybeans. Well that didn’t happen, in fact corn acres were increased from the March report. The US farmer ended up sowing 94.1 million acres of corn, 0.1mac more than the top side expected prior to the report. Thus corn futures were hit hard from the start.
So the logical flip side is that those corn acres that didn’t go to beans would mean that bean acres must be less than expected and yes they were. At 83.7mac is was a smidge lower than the lowest trade guess but when everyone was expecting to see 2 million acres more than this it was the sentiment that mattered.
Rain across the US wheat belt kept that market flat to firmer. The acreage report showed 50.8mac of wheat sown in the states but with the weather map showing showers for a day or two before a drier week next week markets managed to close a little higher.

With Vietnam buying 70kt of UK feed wheat it throws another origin into the market that would traditionally have no chance of competing into Indonesia. The weaker pound, low shipping rates and good stocks has seen feed wheat from around the world flow into our back yard. Yes milling wheat is still being bought from Australia but is that only because of the poor quality year the rest of the world had in 2015.