USDA’s acreage and stocks data on Thursday morning shocked traders by showing the corn supply is far larger than thought and more acres were planted than traders were expecting.
USDA said the corn stockpile was 3.67 billion bushels on June 1st – 11 percent higher than the average trade guess – and plantings were two percent larger.
Jim Bower of Bower trading says the report shows that farmers can get a big chunk of land planted if they’ve got just the right window…
USDA pegged corn plantings at 92.282 million acres this spring, above the average trade guess around 90.7 million acres. Now, all eyes will be on the weather during key reproductive stages in the Midwest and elsewhere.
For crop development weather in Northern Plains, Bower is a little concerned.
Jim Bower of Bower Trading in Lafayette, Indiana.