USDA Report Snapshot: 91.5 million corn acres; stocks above expectations

USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.

USDA
USDA
(USDA )

Acreage Report

Corn – million acres

USDA

91.475

Average est.

90.353

USDA March forecast

90.036

USDA final 2023

94.641

Soybeans – million acres

USDA

86.100

Average est.

86.753

USDA March forecast

86.510

USDA final 2023

83.600

All wheat – million acres

USDA

47.240

Average est.

47.657

USDA March forecast

47.498

USDA final 2023

49.575

Winter wheat – million acres

USDA

33.805

Average est.

34.197

USDA March forecast

34.135

USDA final 2023

36.699

Other spring wheat – million acres

USDA

11.270

Average est.

11.340

USDA March forecast

11.335

USDA final 2023

11.200

Durum wheat – million acres

USDA

2.165

Average est.

1.998

USDA March forecast

2.028

USDA final 2023

1.676

Cotton – million acres

USDA

11.670

Average est.

10.829

USDA March forecast

10.673

USDA final 2023

10.230

Quarterly Grain Stocks Report

Corn – billion bu.

USDA June 1, 2024

4.993

Average est.

4.873

USDA March 1, 2024

8.347

USDA June 1, 2023

4.103

Soybeans – billion bu.

USDA June 1, 2024

0.970

Average est.

0.962

USDA March 1, 2024

1.845

USDA June 1, 2023

0.796

Wheat – billion bu.

USDA June 1, 2024

0.702

Average est.

0.684

USDA March 1, 2024

1.087

USDA June 1, 2023

0.570