Report snapshot: lower corn, soybean stocks lend bullish bump

USDA’s Quarterly Stocks data showed figures lower than the average trade guess, sending the soybean market higher, while the news also led corn higher, though gains have been capped by higher-than-expected acres.

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(USDA)

Prospective Plantings Report

Corn – million acres

USDA

91.996

Average est.

90.880

Pro Farmer/Doane survey

92.050

USDA final 2022

88.579

Soybeans – million acres

USDA

87.505

Average est.

88.242

Pro Farmer/Doane survey

87.350

USDA final 2022

87.450

All wheat – million acres

USDA

49.885

Average est.

48.852

Pro Farmer/Doane survey

49.600

USDA final 2022

45.738

Winter wheat – million acres

USDA

37.505

Average est.

36.256

Pro Farmer/Doane survey

36.950

USDA final 2022

33.271

Other spring wheat – million acres

USDA

10.570

Average est.

10.950

Pro Farmer/Doane survey

10.998

USDA final 2022

10.835

Durum wheat – million acres

USDA

1.780

Average est.

1.666

Pro Farmer/Doane survey

1.652

USDA final 2022

1.632

Cotton – million acres

USDA

11.300

Average est.

11.212

Pro Farmer/Doane survey

11.200

USDA final 2021

13.763

Quarterly Grain Stocks Report

Corn – billion bu.

USDA March 1, 2023

7.401

Average est.

7.470

USDA Dec. 1, 2022

10.809

USDA March 1, 2022

7.758

Soybeans – billion bu.

USDA March 1, 2023

1.685

Average est.

1.742

USDA Dec. 1, 2022

3.022

USDA March 1, 2022

1.932

Wheat – billion bu.

USDA March 1, 2023

0.946

Average est.

0.934

USDA Dec. 1, 2022

1.280

USDA March 1, 2022

1.029