Key acreage, quarterly grain stocks data out June 28

While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn.

USDA Report - planting
USDA Report - planting
(Lindsey Pound)

USDA will release its Acreage and Grains Stocks Reports at 11:00 a.m. CT on Friday. The Acreage Report will feature planted and harvested acreage estimates for principal crops, with markets primarily focused on corn, soybeans, wheat and cotton. Because of the timing of NASS’ survey work, the data won’t account for recent flooding in areas of the northwestern Corn Belt. While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn, leading to big post-report price moves. The following pre-report estimates are from Reuters surveys.

Expectations for Acreage Report

Corn – million acres

Average est.

90.353

Range

89.000 – 91.300

March Intentions

90.036

USDA final 2023

94.641

Soybeans – million acres

Average est.

86.753

Range

85.500 – 87.500

March Intentions

86.510

USDA final 2023

83.600

All wheat – million acres

Average est.

47.657

Range

47.100 – 49.000

March Intentions

47.498

USDA final 2023

49.575

Winter wheat – million acres

Average est.

34.197

Range

34.000 – 35.821

March Intentions

34.135

USDA final 2023

36.699

Other spring wheat – million acres

Average est.

11.340

Range

11.180 – 11.700

March Intentions

11.335

USDA final 2023

11.200

Durum wheat – million acres

Average est.

1.998

Range

1.900 – 2.100

March Intentions

2.028

USDA final 2023

1.676

Cotton – million acres

Average est.

10.829

Range

10.500 – 11.200

March Intentions

10.673

USDA final 2023

10.230

Expectations for Quarterly Grain Stocks Report

Corn – billion bu.

Average est. for June 1, 2024

4.873

Range

4.675 – 5.103

USDA March 1, 2024

8.347

USDA June 1, 2023

4.103

Soybeans – billion bu.

Average est. for June 1, 2024

0.962

Range

0.861 – 1.015

USDA March 1, 2024

1.845

USDA June 1, 2023

0.796

Wheat – billion bu.

Average est. for June 1, 2024

0.684

Range

0.644 – 0.705

USDA March 1, 2024

1.087

USDA June 1, 2023

0.570