(WASHINGTON D.C.) — It’s one of the biggest data dumps of the year from USDA with Friday’s release of the Quarterly Grain Stocks and Acreage Reports.
For acreage, USDA pegged the U.S. corn crop 91.475 million acres which was higher than the March estimate of 90.036 million and above trade expectations. On the soybean side, U.S. soybeans were pegged at 86.1 million which was lower than the March estimate of 86.510 million acres and below trade expectations.
U.S. winter wheat acreage came in at 33.805 million acres while other spring wheat acres came in at 11.270 million acres on the report. Durum acreage came in at 2.165 million. All wheat acreage totaled 47.2 million acres which was slightly below the March estimate and pre-report expectations.
All cotton planted area for 2024 is estimated at 11.7 million acres, 14% above 2023.
On the grain stocks report, USDA pegged June 1 corn stocks at 4.99 billion bushels which was up 22% from June 1, 2023. Soybean stocks came in at 970 million bushels which was up 22% from June 1, 2023. Wheat stocks came in at 702 million bushels which was up 23% from year ago levels on June 1, 2023. All three stocks numbers came in higher than pre-report expectations.
On-farm corn stocks were up 37% from a year ago, and off-farm stocks were up 4%. On-farm soybean stocks were up 44% from a year ago, while off-farm stocks were up 6%. On-farm all wheat stocks were up 12% from last year, while off-farm stocks were up 27%. On-farm stocks of Durum wheat were down 22% from June 1, 2023. Off-farm stocks of Durum wheat were down 26% from a year earlier.
View the Grain Stocks Report here: https://usda.library.cornell.edu/concern/publications/xg94hp534
View the Acreage Report here: https://usda.library.cornell.edu/concern/publications/j098zb09z
Report and market analysis from Arlan Suderman, Chief Commodities Economist at StoneX can be found below:
