USDA Report Recap June 28, 2019

Today, the USDA released their latest reports on Acreage for the 2019-20 crop year as well as an update on Grain Stocks. Both of these are “as of June 1st”. 

Below is the actual info from the USDA along with estimates from trading firms:

Corn June 1st stocks (in billions of bushels)

ACTUAL: 5.202 BILLION 

Average Estimate: 5.332

Range of Estimates: 5.174 to 5.497

Last Year: 5.305

USDA Acreage Report (in millions of acres)

ACTUAL: 91.7 MILLION 

Average Estimate: 86.662

Range of Estimates: 82.0 to 89.8

USDA March Estimate: 92.792

Last Year: 89.129

Soybeans June 1st stocks (in billions of bushels)

ACTUAL: 1.790 BILLION 

Average Estimate: 1.861

Range of Estimates: 1.700 to 1.962

Last Year: 1.219

USDA Acreage Report (in millions of acres)

ACTUAL: 80 MILLION 

Average Estimate: 84.355

Range of Estimates: 81 to 86.5

USDA March Estimate: 84.617

Last Year: 89.196

Initially, corn was up 10 to 15 cents and soybeans were up 6 to 8 – for a while it was like watching a yo-yo, up then down, then up then down. 

For now, at about 11:15, corn is off 10 to 15 cents and beans are up about 6. 

As we mentioned in our earlier comments, obviously, there were acres planted since June 1 in large parts of the country. The thought here is that the trade will continue to take that into account along with these most recent numbers from USDA. 

For now, we’re going to focus on the released information. We’ll add some more commentary to all of this during the Bull Bear Banter podcast later today.