June 2024 Stocks & Acreage Report

Jun 28, 2024

June 2024 Stocks & Acreage
The USDA did nothing to help the corn bulls with today’s report.  Corn acres came in 91.475, up 1.4 mln from the March intentions.  Stocks were 4.993 bil bu, up 100 mln bu above the average trade estimate.  Corn down 20 c currently.
Soybean acres were a bit of a surprise, coming in at 86.1 mln down 410 k from the March intentions.  Stocks were slightly higher than the average trade estimate by 8 mln bushels.  Soybeans up 10 c currently.
All wheat acres were down 25 k, winter wheat acres were down 33 k.  Corn is helping drag wheat down after the bearish corn acre & stocks numbers.  KC Wheat down 17 c currently.
Bottom Line
Not the surprise many were hoping for today.  It will be tough for corn to muster a meaningful rally after today’s report, we have a lot of wiggle room for a yield reduction now.  Soybeans still have some potential for excitement if July/August weather is unfavorable.  Wheat will follow corn to some degree for now.

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