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June Acreage & Quarterly Grain Stocks

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The USDA Delivered No Surprises Today

Today, the USDA released its June Acreage Report. The area planted to corn was increased by 1.102 million acres compared to the March Intentions. Bean plantings were up by 0.575 million acres.

The 1.7 million acre Increase in corn and bean plantings was likely a combination of good planting conditions in most areas and better price incentives than were available in March.

For a copy of the slides NASS presented to the Secretary of Agriculture during today’s briefing (including state by state acreage breakdowns), click here.

 

USDA June Acreage (mln acres)
 
USDA June
2018
Average Trade Est.
Range of
Trade Est.
USDA
Mar 2018
Corn
89.128
88.562
87.60-90.44
88.026
Soybeans
89.557
89.691
89.10-90.70
88.982
Wheat
47.821
47.124
46.58-47.93
47.339
All Winter
32.732
32.633
31.47-33.10
32.708
Spring Wheat
13.202
12.431
12.00-13.00
12.627
Durum Wheat
1.887
2.030
2.00-2.12
2.004
 
 
The USDA Grain Stocks in all Positions Report tallied corn stocks about 40 million bushels bigger than the trade expected. Bean and wheat stocks came in right on the button with pre-report estimates.
 
U.S. Quarterly Grain Stocks (bln bu)
 
USDA
June 2018
Average Trade Est.
Range of
Trade Est.
USDA
June 2017
Corn
5.306
5.268
5.004-5.500
5.229
Soybeans
1.222
1.225
1.115-1.305
0.966
Wheat
1.100
1.091
1.042-1.190
1.181

Source: USDA, Reuters

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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Past performance and testimonials are not necessarily indicative of future results. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.