Perspective plantings this past Friday — so now what?

Market Pulse: April 2

For 2012, U.S. farmers will be planting 95.9 million acres of corn, up 4% from 2011. All wheat acreage will be 55.9 million acres, up 3% from 2011. In soybeans, 73.9 million acres, down 1% from 2011. Special mention: Cotton acreage at 13.2 million acres, down 11% from 2011. 

Last week’s price action in grains was very impressive, to say the least. May Corn opened at 646¼, closed Thursday at 604, and closed Friday at 644. And that’s on the “bearish” perspective plantings report. May Soybeans opened at 1365¾, closed on Thursday at 1355½, and closed Friday at 1403. Onward and upward to 1500? May wheat opened last week at 655½, Thursdays close was 612½, and Friday’s close was 660¾. Friday we saw a large spike up in OI in corn and soybeans. Now what about “big money”?

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