(WASHINGTON D.C.) — USDA says slightly lower corn acreage, slightly higher wheat acreage and grain stocks numbers that came in close to pre-report estimates. On Monday, USDA released the Quarterly Grain Stocks and Prospective Plantings estimates and the numbers mostly came in with few surprises.
USDA says planted corn acreage estimates are at 95.203 million acres, down from the March estimate of 95.326 million acres and slightly below pre-report estimates. Soybean planted acreage came in at 83.380 million acres, down from 83.495 million acres in the March 31st report and below trade expectations. All wheat planted acreage was tabbed at 45.478 million acres, up slightly from the March 31st estimate of 45.530 million acres and slightly above pre-report estimates.
Spring wheat plantings specifically, came in at 10.045 million acres, slightly higher than the March estimate but still the lowest planted area in 55 years. U.S. cotton acreage estimates came in higher than the March estimate of 9.867 million acres, coming in this month at 10.120 million acres. Sorghum acres came in at 6.200 million acres, down from the March 31st estimate of 6.565 million acres.
For grain stocks, June 1st quarterly stocks came in at 4.644 billion bushels for corn, 1.008 billion bushels for soybeans and 851 million for wheat. All of those numbers came in slightly above pre-report expectations.
View Grain Stocks here: https://usda.library.cornell.edu/concern/publications/xg94hp534
View Prospective Plantings here: https://usda.library.cornell.edu/concern/publications/x633f100h
***AUDIO*** Hear report recap and analysis with Arlan Suderman, Chief Commodities Economist at StoneX:
