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Markets already factor in USDA data, attention turns to tariffs

USDA is expecting U.S. farmers to plant more corn, fewer soybeans and wheat this year.

However, Naomi Blohm with Total Farm Marketing says there’s still time for last minute changes as planting season picks up.

“Could some of those corn acres go back into spring wheat or potentially oats, barley or sorghum? I think that’s what we’ll watch, more of those fringe acres and non-traditional crops.”

Blohm says Monday’s USDA report data was as grain traders expected.

She says analysts are now watching what happens with the weather forecast and President Trump’s retaliatory tariffs on Wednesday. Blohm says both could be supportive for old crop corn prices.

 “In the short term, the market might have a hard time climbing over $4.80 for July futures. However, if we can get decent news out of trade and tariffs and there are weather issues down the road, we could potentially see that July marketplace rally up to $5 quickly.”

Seasonally, she says now is the time of the year where grain prices start to move higher.