USDA Quarterly Stocks and Acreage Report Recap, June 30, 2020

Soybean Field Sunshine

The USDA released its quarterly stocks and acreage reports at 11 a.m. today. 

The stock numbers are not impacting the market at this point. 

The acreage numbers are significantly different than what the trade was expecting.

Both corn and soybean acres were below the average estimate. Corn acres are down almost 5 million acres from the March estimate. Soybean acres are slightly higher than the March estimate, but almost 1 million acres below the average expectation. 

STOCKS

June 30 ACTUAL 

Average Estimate

JUNE 2019

CORN

5.224

4.951

5.202

Billion Bu.

SOYBEANS

1.386

1.392

1.783

Billion Bu.

ACRES

June 30 ACTUAL 

Average Estimate

MARCH 2020

CORN

92.006

95.2

96.99

Million Acres

SOYBEANS

83.825

84.7

83.51

Million Acres

These new acre numbers will be used in the July 10th WASDE report. 

The Board of Trade is significantly higher this morning on this news. 

Both old crop and new crop corn and beans are up double digits as of 11:15.