Market reaction
Ahead of USDA’s reports, corn futures were trading 14 to 16 cents lower, soybeans were 12 to 20 cents lower, SRW was 8 to 11 cents lower, HRW 4 to 6 cents lower, spring wheat was 14 to 16 cents lower and cotton was mostly 50 to 75 points higher
Near 12 p.m. CT, corn futures are trading 25 to 27 cents lower, soybeans are 1 to 6 cents higher, SRW 23 to 26 cents lower, HRW 16 to 18 cents lower, spring wheat 20 to 22 cents lower and cotton is mostly 20 to 35 points higher.
Acreage Report
Corn: 89.921 mil. acres; trade expected 89.861 mil. acres
— compares with 89.490 mil. acres in March; 93.357 mil. acres in 2021
Soybeans: 88.325 mil. acres; traders expected 90.446 mil. acres
— compares with 90.955 mil. acres in March; 87.195 mil. acres in 2021
All wheat: 47.092 mil. acres; traders expected 47.017 mil. acres
— compares with 47.351 mil. acres in March; 46.703 mil. acres in 2021
Other spring wheat: 11.11 mil. acres; traders expected 10.844 mil. acres
— compares with 11.200 mil. acres in March; 11.420 mil. acres in 2021
Durum wheat: 1.976 mil. acres; traders expected 1.839 mil. acres
— compares with 1.915 mil. acres in March; 1.635 mil. acres in 2021
Cotton: 12.478 mil. acres; traders expected 12.3 mil. acres
— compares with 12.234 mil. acres in March; 11.220 mil. acres in 2021
USDA estimates corn plantings just 60,000 acres above the average pre-report trade estimate and up 431,000 from the Prospective Plantings Report at the end of March. At 89.921 million, corn acres this year are down 3.436 million acres from year-ago. USDA says on June 1, 2022, there were still 4.027 million acres of corn left to plant... that compares to the June 1, 2021, unplanted total of 2.175 million.
Compared to March intentions, USDA sees more corn plantings in Iowa (up 100,000 acres), Minnesota (up 500,000), Missouri (up 100,000), Ohio (up 50,000), Texas (up 100,000) and Wisconsin (up 300,000). Corn acres fell short of intentions in North Dakota (down 600,000) and South Dakota (down 300,000). Corn acres were unchanged from the Prospective Plantings Report in Illinois, Indiana, Kansas, Michigan and Nebraska.
Soybean plantings are 2.121 million acres below the average pre-report trade estimate and are 2.63 million acres below acreage indicated in the Prospective Plantings Report. At 88.325 million, soybean plantings are up 1.13 million from year-ago. USDA says on June 1, 2022, 15.806 million bean acres were left to plant... that compares to 9.836 million unplanted bean acres on June 1, 2021. USDA’s June 1 bean planted acreage estimate is below the lowest pre-report trade estimate by 410,000 acres.
Compared to the March Prospective Plantings Report, soybean acres exceeded intentions in Illinois (up 200,000 acres). Bean plantings fell short of intentions in Arkansas (down 50,000 acres), Indiana (down 150,000), Iowa (down 100,000), Michigan (100,000), Minnesota (down 500,000), Missouri (down 200,000), Nebraska (down 100,000), North Dakota (down 1.1 million), Ohio (down 150,000), South Dakota (down 200,000) and Wisconsin (down 50,000 acres from March intentions). Bean plantings matched intentions in Kansas.
All wheat acres are 75,000 below trade expectations and 259,000 acres below March intentions.
Other spring wheat acres are 266,000 above trade expectations and 90,000 below the March Prospective Plantings Report. At 11.11 million, other spring wheat acres down 310,000 from year-ago.
Compared to the March Prospective Plantings Report, other spring wheat acres exceeded intentions in North Dakota (up 200,000 acres) and South Dakota (up 40,000). Acres fell short of intentions in Minnesota (down 10,000 acres), Montana (down 300,000 acres) and Washington (down 20,000 acres from March intentions). Other spring wheat acres matched intentions in Idaho.
All cotton plantings are 178,000 above the average pre-report trade estimate and are 244,000 acres above the Prospective Plantings Report. At 12.478 million, cotton plantings this year are up 1.258 million from year-ago.
Compared to the March Prospective Plantings Report, all cotton acres are unchanged in Georgia and up 300,000 acres in Texas.
Quarterly Grain Stocks Report
Corn: 4.346 billion bu.; traders expected 4.343 billion bu.
— compares with 7.850 billion bu. March 1 and 4.111 billion bu. June 1, 2021
Soybeans: 971 million bu.; traders expected 965 million bu.
— compares with 1.931 billion bu. March 1 and 769 million bu. June 1, 2021
Wheat: 660 million bu.; traders expected 655 million bu.
— compares with 1.025 billion bu. March 1 and 845 million bu. June 1, 2021
June 1 corn stocks are just 3 million bu. above the average pre-report trade estimate and are up 5.7% from June 1 last year. USDA says 2.12 billion bu. of corn were stored on farm, up 22% from year-ago. Off-farm corn stocks of 2.23 billion bu. are down 6% from last year. Implied disappearance in the third quarter of the 2021-22 marking year was 3.41 billion bu., down 4.7% from the same quarter last year. Importantly, March 1 corn stocks in all positions were revised down 94 million bu. from levels indicated in the previous Quarterly Grain Stocks Report.
June 1 soybean stocks are 6 million bu. above the average pre-report trade estimate and are up 26.3% from June 1 last year. USDA says 331 million bu. were stored on-farm, up 51% from year-ago. Off-farm bean stocks of 640 million bu. are up 17% from last year. Implied disappearance in the third quarter of the 2021-22 marketing year is 960 million bu. of beans, up 21% from the same quarter last year.
All-wheat stocks in all positions on June 1 are 5 million bu. above the average pre-report trade estimate and are down 22.0% from year-ago. On-farm wheat stocks on June 1 are put at 93 million bu., down 34% from year-ago. Off-farm stocks of 567 million bu. are down 19% from last year. Implied use in the final quarter of the 2021-22 marketing year of 364 million bu. is down 22% from the same quarter last year.