Today is the last trading day of the week, the month and the first quarter. That right there can make for strange happenings. Throw in yesterday’s indictment of Trump, down-grade of Charles Schwab investment quality and today’s USDA numbers at midday, and this day has the potential to rock the boat. Stay seated and focused. There is nothing that is going to happen today that will require you to do anything in the markets.
At 10 AM Mountain Time today, the USDA will release its Quarterly Grain Stocks and its Intended Planted Acreage Reports. The acres will be interesting, but they will change, so do not do any marketing based on the reported acres. The old crop inventories are far more important because those numbers will tell us a lot about demand for the past three and six months. The same demand has already extended through March and will continue for the next several months at least.
The number of layers in the USA in February were 3% less than a year ago. Layer eggs hatched for replacement birds was nearly the same as a year ago.
The February broiler production averaged slightly more than 1% above a year ago.