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29

June Quarterly Grain Stocks and Acreage

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USDA Reports Summary

The USDA Acreage report released today revealed that U.S. planted acres of corn and soybeans were much smaller than traders anticipated.

Planted corn was estimated at 92 million acres, which was 3.2 million acres less than the average trade estimate. Surveys were collected between May 30 – June 16 and the USDA reported an additional 2.239 million acres were “left to be planted” as of the survey. We do not know how many acres were eventually planted.

Soybean acres were estimated at 83.8 million acres, 891,000 acres less than the average trade estimate. An additional 12.101 million acres anticipated for beans were “left to be planted” as of the survey.

The USDA quarterly Grain Stocks reported corn inventories 273 million bushels larger than expected and 22 million larger than last year at this time. Soybean inventories were exactly as expected, down 397 million bushels from last year. Wheat supplies were larger than expected, but not as large as last year.

 

Spec funds have been heavily short in corn and in wheat, while net long soybeans. This report was enough of a catalyst to bring spec funds in as buyers to get out of shorts in corn and wheat and to add to long positions in soybeans.

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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.