Market reaction
Ahead of the report, corn futures were trading 2 to 3 cents higher, soybeans were 7 to 9 cents higher, wheat futures were narrowly mixed and cotton was 10 to 20 points higher.
As of 11:30 a.m. CT, corn futures are trading 15 to 17 cents lower, soybeans are 9 to 12 cents higher, wheat futures are mostly 8 to 16 cents lower and cotton is 160 to 200 points lower.
Acreage Report
Corn: 91.475 mil. acres; trade expected 90.353 mil. acres
— compares with 90.036 mil. acres in March; 94.641 mil. acres in 2023
Soybeans: 86.100 mil. acres; traders expected 86.753 mil. acres
— compares with 86.510 mil. acres in March; 83.600 mil. acres in 2023
All wheat: 47.240 mil. acres; traders expected 47.657 mil. acres
— compares with 47.498 mil. acres in March; 49.575 mil. acres in 2023
Winter wheat: 33.805 mil. acres; traders expected 34.197 mil. acres
— compares with 34.135 mil. acres in March; 36.699 mil. acres in 2023
Other spring wheat: 11.270 mil. acres; traders expected 11.340 mil. acres
— compares with 11.335 mil. acres in March; 11.200 mil. acres in 2023
Durum wheat: 2.165 mil. acres; traders expected 1.998 mil. acres
— compares with 2.028 mil. acres in March; 1.676 mil. acres in 2023
Cotton: 11.670 mil. acres; traders expected 10.829 mil. acres
— compares with 10.673 mil. acres in March; 10.230 mil. acres in 2023
USDA estimated corn plantings at 91.475 million acres, up 1.439 million acres from March intentions and 1.122 million acres more than analysts expected. Corn plantings dropped 3.166 million acres from last year. USDA estimated harvested acres at 83.438 million acres (91.2% of plantings), down 3.075 million acres from last year.
USDA estimated soybean plantings at 86.100 million acres, down 410,000 acres from March intentions and 653,000 acres less than the average pre-report estimate. Soybean plantings increased 2.5 million acres from last year. USDA estimated harvested acres at 85.261 million acres, up 2.905 million acres from last year.
USDA estimated all-wheat plantings at 47.240 million acres, down 2.335 million acres from last year and 417,000 acres less than analysts expected. Harvested area is estimated at 38.785 million acres. Winter wheat plantings and harvested area are forecast at 33.805 million acres and 25.808 million acres, respectively. Other spring wheat acres are estimated at 11.270 million acres, with durum seedings at 2.165 million acres.
USDA estimated all cotton plantings at 11.670 million acres, up nearly 1 million acres from last year and 841,000 acres more than expected. Cotton seedings jumped 1.44 million acres from last year.
Quarterly Grain Stocks Report
Corn: 4.993 billion bu.; traders expected 4.873 billion bu.
— compares with 8.347 billion bu. March 1 and 4.103 billion bu. June 1, 2023
Soybeans: 970 million bu.; traders expected 962 million bu.
— compares with 1.845 billion bu. March 1 and 796 million bu. June 1, 2023
Wheat: 702 million bu.; traders expected 684 million bu.
— compares with 1.087 billion bu. March 1 and 570 million bu. June 1, 2023
June 1 corn stocks in all positions came in 120 million bu. above the average pre-report trade estimate are up 21.7% from June 1 last year. Off-farm stocks of 1.967 billion bu. are up 4.2% from year-ago. On-farm corn stocks on June 1 totaled 3.026 billion bu. and are up 36.5% from June 1 last year. Implied disappearance of corn in the third-quarter of the 2023-24 marketing year is 3.36 billion bu., up 2.1% from the same quarter last year.
June 1 soybean stocks in all positions came in 8 million bu. above the average pre-report trade estimate and are up 21.9% from June 1 last year. Off-farm stocks of 504 million bu. are up 6.3% from year-ago. On-farm soybean stocks on June 1 totaled 466 million bu. and are up 44.2% from year-ago. Implied disappearance of soybeans in the third-quarter of the 2023-24 marketing year is 875 million bu., down 2% from the same quarter last year.
June 1 wheat stocks in all positions came in 18 million bu. above the average pre-report trade estimate and are up 23.2% from June 1 last year. Off-farm stocks of 563 million bu. are up 26.5% from year-ago. On-farm wheat stocks on June 1 totaled 139 million bu. and are up 12.1% from year-ago. Implied disappearance of wheat in the final quarter of the 2023-24 marketing year was 387 million bu., up 4% from the same quarter last year.