USDA released its Grain Stocks and Acreage report this morning, with soybean stocks coming in larger than expected and corn falling within the range of trade estimates.
Soybeans gained 2.18 million acres from USDA’s March report with the new estimate coming in at 76.08 million tons, toward the high end of expectations.
USDA increased corn acreage by 550,000 acres to 96.41 million acres. That number was higher than the average trade guess, but still within the range of expectations.
Wheat came in slightly higher than March’s estimates, at 56.02 million acres. Spring wheat acreage was pegged at 12 million acres while USDA estimates farmers planted durum wheat on 6.21 million acres.
In its quarterly grain stocks reports, USDA estimated corn stocks were at 3.149 billion bushels, slightly below the average trade estimate. It’s the smallest third quarter stocks estimate since 1998.
Soybean stocks came in just above the trade’s estimate at 667 million bushes, above trade guesses.