Now read this and take it to heart: US farmers are going to plant at least 1.5 million more acres of corn and at least 1.5 million fewer acres of beans this spring than reported by USDA yesterday. Not only does the acreage always switch from March to June every year the USDA throws shocking acreage numbers March, the numbers justify the switch! A few days ago, we mentioned the corn price to soybean price ratio was the lowest (2.2:1) since 2009! That screams to plant more corn and less beans. Farmers who do the cost numbers have been saying for months they can make a ridiculous amount of money with corn even with nitrogen at current prices. We had already stated the corn situation looked like you will need to be pricing corn in early spring and beans quite a bit later. Now it looks like perhaps the bean sales as late as the first week of July, which would be a few days after the USDA Actual Planted Acres Report the last business day of June. World-wide respected wheat market analyst, Andrey Sizov, said last evening he is becoming more bearish wheat.
Crude oil took a $9 hit yesterday because the Biden administration authorized the release of one million barrels a day from the nation’s strategic oil reserve for the next six months. Biden said this will be enough to fill the fuel shortage along with an increase of US domestic oil production before the end of this year. Biden added this action will be coordinated with allies and partners around the world. Biden said: