(WASHINGTON D.C.)– On Friday, USDA will released its highly anticipated Quarterly Grain Stocks Report and June Planted Acreage Report at 11am CST.
In that report, grain stocks for U.S. corn, soybeans and wheat all came in below pre-report expectations. Corn was estimated at 4.106 billion bushels, soybeans at 796 million bushels and all wheat at 580 million bushels.
On the acreage side, more surprises there as corn acres are estimated at 94.1 million, up from 92.0 million in March. Soybeans fell from the March estimate of 87.5 million acres down to 83.5 million on the June report. Wheat acreage 49.6 million acres, down slightly from the March number of 49.9 million acres.
Initial reaction is these reports are bullish soybeans, bearish corn and neutral for wheat.
Below is analysis from Arlan Suderman, Chief Commodities Economist at StoneX:
View the Grain Stocks Report here: https://usda.library.cornell.edu/concern/publications/xg94hp534
View the June Acreage Report here: https://usda.library.cornell.edu/concern/publications/j098zb09z