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 |