Bullish June 30th Acreage Report from USDA Pushes Corn, Wheat and Soybeans Prices Sharply HigherWed, 30 Jun 2021 14:39:38 CDT
Grains and oilseeds raced higher shortly after 11 AM central time as the USDA released bullish plantings estimates for the 2021 crops. Corn prices shot higher and later in the trading session on Wednesday have been up the limit of forty cents. Soybean futures have traded 81 to 83 cents a bushel while Chicago soft wheat is up more than 25 cents while hard red winter KC wheat also is higher by aroound 25 cents a bushels. Cotton futures are tumbling- off more than 2 cents a pound while Feeder Cattle futures have dropped $1.45 to $1.60 with the prospect of higher feed costs on the horizon.
According to DTN Senior Analyst Dana Mantini, USDA's acreage estimates are bullish for new-crop corn and soybeans, but slightly bearish for wheat. Meanwhile, Mantini pegged USDA's June 1 grain stocks estimates as slightly bullish for corn, soybeans and wheat.. Click or tap below to hear all his comments from today's report.
University of Illinois Economist Dr. Scott Irwin says the price jumps came as "the market was leaning very heavy on corn and soybean planted acreage." Acreage numbers were less than expected- thus the rise in prices.
According to the USDA Acreage Report, "Corn planted area for all purposes in 2021 is estimated at 92.7 million acres, up 2 percent or 1.87 million acres from last year. Compared with last year, planted acreage is expected to be up or unchanged in 28 of the 48 estimating States. Area harvested for grain, at 84.5 million acres, is up 2 percent from last year.
"Soybean planted area for 2021 is estimated at 87.6 million acres, up 5 percent from last year. Compared with last year, planted acreage is up or unchanged in 28o f the 29 estimating States.
All wheat planted area for 2021 is estimated at 46.7million acres, up 5percent from 2020. This represents the fourth lowest all wheat planted area since records began in 1919. The 2021 winter wheat planted area, at 33.7 million acres, is up 11 percent from last year and up 2 percent from the previous estimate. Of this total, about 23.6 million acres are Hard Red Winter, 6.59 million acres are Soft Red Winter, and 3.50 million acres are White Winter. Area expected to be planted to other spring wheat for 2021 is estimated at 11.6 million acres, down 5 percent from 2020. Of this total, about 10.8 million acres are Hard Red Spring wheat. Durum planted area for 2021 is expected to total 1.48 million acres, down 12 percent from the previous year.
"All cotton planted area for 2021 is estimated at 11.7 million acres, down 3 percent from last year. Upland area is estimated at 11.6 million acres, down 3 percent from 2020. American Pima area is estimated at 142,000 acres, down 30 percent from 2020."
For Oklahoma- acreage numbers show the following mix of crops here in 2021:
Corn- 330,000 acers planted in 2021 (down 30,000 from 2020 plantings)
Sorghum 340,000 acres planted in 2021 (up 35,000 from 2020)
Oats 70,000 acres planted this crop year (down 40,000 acres from a yar ago)
Wheat 4,300,000 acres planted last fall for the 2021 crop (up 50,000 acres from 2020)
Wheat acres actually harvested- 2,700,000 acres harvested in 2021 (up 100,000 versus a year ago)
All Hay 2,760,000 acres harvested in 2021 (down 30,000 acres from 2020)
Soybeans 570,000 acres planted in 2021 (up 10,000 acres from 2020)
Peanuts 16,000 acres planted in 2021 (up 1,000 acres from 2020)
Canola 13,000 acres planted in the fall of 2020 for 2021 harvest (up 1,000 acres from the previous year)
Cotton 490,000 acres planted in 2021 (down 35,000 acres from 2020)
To review the full USDA Acreage report, click or tap here.
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