USDA released its June 1 Grain Stocks and Acreage reports last week. According to the report, 94.1 million acres of corn above pre-report expectations have been planted. Rising 6% from last year, 2023 marks the third-highest corn planting since 1944 and the most since 2013. Soybean acreage is pegged at 83.5 million acres, 5% down from last year and slightly below pre-report estimates. The report proved moderately bullish for corn, soybean and wheat, while bearish for new-crop corn.
Corn stocks in all positions on June 1 totaled 4.11 billion bushels, down 6% from 2022, coming in underneath pre-report expectations. USDA pegs soybean ending stocks at 796 million bushels, down 18% from 2022.
Read more on the latest Acreage and Grain Stocks report here.
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