On Thursday, USDA released their Quarterly Grain Stocks and June 30th Acreage report to the trade. Most of the numbers came in close to pre-report estimates except for soybean acreage. USDA pegged soybean acreage at 88.3 million acres which is below the March intentions of 90.95 million acres. That number came below the lowest pre-report trade guess but it’s still 1% higher than 2021 acreage.
Corn planted acreage was down 4% from 2021 at 89.9 million acres, all wheat was up 1% from 2021 at 47.1 million acres while all cotton acres came in at 12.5 million, up 11% from 2021.
On the stocks side, corn stocks were up 6% from 2021, soybeans stocks up 26% from 2021 and all wheat stocks down 22% from 2021. The trade pretty much nailed the grain stocks numbers compared to the average pre-report estimates.
USDA also noted that they are going to resurvey farmers in the Northern Plains due to adverse spring weather and report updated acreage numbers with the August World Agricultural Supply and Demand Estimates report.
Read the full Quarterly Grain Stocks report: https://release.nass.usda.gov/reports/grst0622.pdf
Read the full USDA Acreage report: https://release.nass.usda.gov/reports/acrg0622.pdf
Reaction and analysis with Arlan Suderman, Chief Commodities Economist at StoneX, is below: