About The Author

Bill Moore

William Moore's market views are centered around his many relationships with Agricultural producers. His weekly newsletter, AGMASTER, provides a blend of fundamental & technical information used to make prudent hedging decisions. Contact Mr. Moore at (312) 264-4337


Who saw that coming?  Nobody did – as the Bean acres – 88.982MA – came in under the low end of estimates (89.90 – 92.60)!  That was the biggest SURPRISE!  But another one was the market’s ability to close up 26 cents even though QTLY BEAN STOCKS came in at a record 2.107BB!  Obviously, the market is putting more credence in acreage & exports!


  • EXPORTS – Mon Inspections were 542,434 (300 – 700) – Thur sales

Were 386,000 (600 – 900)

3/29              266,500                  Unk

3/26              132,000                  Unk

3/26              120,000(meal)     Spain

  • PROSPECTIVE PLTG & QTLY STOCKS – 3/29/18 – this report was a “bullish

Shocker” coming in over 2 million acres under the estimates – especially considering pre-report sentiment was definitely bearish – the reasons were two-fold – first the farm economy is very weak – leading to less acres & second many Bean acres are going to wheat

Bean Acres –   88.982        LY-90.167        EST-91.056     RANGE (89.90-92.60)

Bean Stocks    2.107                                            2.030                     (1.81-2.11)

  • SOUTH AMERICA – Arg & Brazil Corn & Arg Beans are all estimated at

20-25% under last year due to their severe drought

  • US SPRING PLANTING – Well, it’s very early April but unseasonably cold –

Should this pattern continue, it certainly could adversely impact acres planted!

But we must remember that modern technology & the producer “work ethic”

Means a lot of acres can be planted in a short period of time! US acres are down, SA production is down, exports are solid & Spg Pltg could be delayed!  As well, “trade war jitters” haven’t  seemed to hurt the rally.  The mkt seems to be leaning up! (Sorry – this report was written last night BEFORE the fireworks).


The USDA 3-29  Corn Acreage # (88.02) was bullish at 1.3 MA under the estimate & a full 2 MA under last year (90.1 MA) – but the Bean # was more of a “BULLISH SHOCKER”!  Still, coming in, the corn presented a better “export scenario” so that coupled with the lower acreage pushed May Corn up to its March Highs!



  • EXPORTS – Mon Inspections were 1,330,000 MMT (1.0-1.4) –

Thur sales were 1.63 MMT (1.2 – 1.5)

2/21                138,000                  S Korea

2/20                110,000                  Peru

2/19                115,000                  Unk

2/19                206,000                  Japan

  • USDA 3/29/18 REPORT – with the farm economy down, we guess it

Shouldn’t be a surprise – that corn acres are down – the mkt might buy

Some acres back – should May Corn rally enough

Corn Acres       88.02     LY-90.16       Avg-89.34       Range- (88.4-91.0)

Corn Stocks     8,888            8.022               8716                     (8.50-8.88)

  • WAY TOO COLD TO PLANT – obviously, winter is hanging on in certain

Areas of the corn/bean belt –while it’s only April 2, one wonders if this early cold snap is the beginning of some untoward weather for our planting period.

Corn came into the USDA Report with Bullish Fundamentals & the #’s issued by the gov’t did nothing to  dissuade traders otherwise!  In fact, adding 2 million less acres onto 10 year low prices, stellar exports & a shaky weather start to the pltg season – Certainly enhanced the Bull’s stance!


After May Wht’s precipitous 70 cent decline in Mar (520-450), it consolidated for 2 weeks (445 – 465) in front of the Mar 29 USDA Report and conflicting fundamental events have kept it there since!

  • The USDA reported Spring Wheat acres (12.637 MA) were up 1 MA from the

Estimate & 1.5 MA from 2017!

  • However, the very bullish reduction in corn & bean acres offset this
  • Continuing “TRADE WAR JITTERS” have negatively impacted already

Mediocre exports

  • This year’s first crop ratings revealed still abysmal crop ratings with overall  g/ex at 32% (avg -51) – the 2nd worst in 20 years – the key states are worse             KS – 10       OK – 9    TX – 15


Since Mid-Feb, June Cat has lost $20 (119-99) as production has continued to outstrip demand. The last 2-3  Cattle-on-Feed Reports have all reflected higher placements & quarter-to-quarter beef production has increased over 2017.  Adding insult to injury, the 3-29 USDA Report unexpectedly lowered corn & bean acreage from 2017 – which implies higher feed costs & may force liquidation of feeders!  Finally, trade war fears have crimped exports!  However, the severely oversold mkt may be cheap enough now to attract severely needed demand!


June Hogs has no friends out there – as the contract has shed $15 since early January (86-71)

  • Heavy Slaughter have led to lower cash – almost daily
  • The cattle mkts slump has fueled “Hog’s Down”
  • Higher feed costs suggested by the USDA REPORT could prompt liquidation of some hog operations
  • The latest 25% tariff on US Pork by China is the latest negative – even though exports were trending lower before that the China tariff on US Pork may be the last piece of Bearish news that finally  puts an “exhaustion low” in June Hogs.

Questions? Ask Bill Moore today at 312-264-4337

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Questions? Ask Bill Moore today at 312-264-4337