Acreage Report Surprises Trade with Corn Planted Acres Above and Soybean Acres Below EstimatesFri, 28 Jun 2019 12:07:04 CDT
Grain markets were mixed this morning as traders positioned themselves ahead of today's USDA acreage and quarterly stocks report. Reuters complied average estimates for today’s report, pegging corn plantings at 86.6 million acres of corn - about 6 million lower than the March forecast of 92.7 million acres. You can review Allendale, Inc.'s estimates, here.
International Grains Council (IGC) cut its forecast for corn after heavy rains disrupted plantings in the U.S. pegging the U.S. corn crop at 333.5 million tonnes - down from the last report of 362.4 million and compared to 366.3 million last year.
The USDA released its Acreage Report at 11 am Friday, June 28th. According to it, USDA has pegged June 1 corn planting intentions at 91.7 million acres, above the trade’s estimate of 86.6 million. This is up 3 percent from last year with 40 of the 48 estimating States either up or unchanged from last year. Area harvested for grain is pegged at 83.6 million acres, is up 2 percent from last year.
Soybeans provided the surprise, coming in at 80 million acres, down from 84.6 million in March and below trade expectations of 84.3 million. Farmers were already giving up on soybeans, wanting desperately to get corn planted instead.
You can review that complete report out from the USDA, here.
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