USDA Prospective Planting report shakes up grain futures

Soybeans closed sharply lower following USDA’s Prospective Planting report. USDA expects a four percent increase for soybean acreage this year which would be a record 91 million acres for the crop. Soybean oil and meal have been driving the market lately watching volatility across global oil markets and demand uncertainty on the soybean meal front. Crude oil closed sharply lower, adding downward pressure for soybean oil. There remains the potential for elevated demand if Ukraine is unable to produce much of a sunflower crop, creating a lack of sunflower oil in the global market.

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