Market reaction
Ahead of the report, corn futures were trading 1 to 2 cents lower, soybeans were 9 to 12 cents higher, wheat futures were fractionally to 2 cents higher and cotton was around 50 points lower.
As of 11:30 a.m. CT, corn is trading 2 to 3 cents lower, soybeans are 2 cents lower to 2 cents higher, winter wheat markets are 2 to 4 cents lower, spring wheat is around a penny higher and cotton futures are 110 to 135 points lower.
Acreage Report
Corn: 95.203 mil. acres; trade expected 95.350 mil. acres
— compares with 95.326 mil. acres in March; 90.594 mil. acres in 2024
Soybeans: 83.380 mil. acres; traders expected 83.655 mil. acres
— compares with 83.495 mil. acres in March; 87.050 mil. acres in 2024
All wheat: 45.478 mil. acres; traders expected 45.438 mil. acres
— compares with 45.350 mil. acres in March; 46.079 mil. acres in 2024
Winter wheat: 33.325 mil. acres; traders expected 33.299 mil. acres
— compares with 33.315 mil. acres in March; 33.390 mil. acres in 2024
Other spring wheat: 10.045 mil. acres; traders expected 10.078 mil. acres
— compares with 10.020 mil. acres in March; 10.625 mil. acres in 2024
Durum wheat: 2.036 mil. acres; traders expected 2.024 mil. acres
— compares with 2.015 mil. acres in March; 2.064 mil. acres in 2024
Cotton: 10.120 mil. acres; traders expected 9.735 mil. acres
— compares with 11.183 mil. acres in March; 9.867 mil. acres in 2024
USDA noted there were still 3.63 million acres of corn and 11.5 million acres of soybeans left to be planted at the time of its survey.
USDA estimated corn plantings at 95.203 million acres, down 123,000 acres from March intentions and 147,000 acres less than analysts expected. Corn plantings increased 4.609 million acres from last year. USDA estimated harvest area at 86.774 million acres, 91.1% of planted acres.
Compared to March intentions, corn plantings declined 100,000 acres in Illinois (11.0 million acres), 200,000 acres in Kansas (6.2 million), 100,000 acres in Minnesota (8.5 million), 300,000 acres in Nebraska (10.3 million), 50,000 acres in Ohio (3.2 million) and 50,000 acres in Wisconsin (3.9 million). Acres were equal to March intensions in Indiana (5.4 million) and Iowa (13.5 million). Corn acres increased 100,000 acres in Michigan (2.4 million), 100,000 acres in Missouri (3.9 million), 50,000 acres in North Dakota (4.25 million) and 100,000 acres in South Dakota (6.4 million).
USDA estimated soybean plantings at 83.380 million acres, down 115,000 acres from March intentions and 275,000 acres less than analysts expected. Soybean plantings declined 3.67 million acres from last year. USDA estimated harvested area at 82.535 million acres.
Compared to March intentions, soybean plantings declined 100,000 acres in Arkansas (2.9 million), 200,000 acres in Indiana (5.5 million), 100,000 acres in Iowa (9.5 million), 150,000 acres in Michigan (2.0 million) and 200,000 acres in Ohio (4.9 million). Acres were equal to March intentions in Illinois (10.5 million), Minnesota (7.0 million), Missouri (5.7 million) and Nebraska (5.0 million). Soybean acres increased 100,000 acres in Kansas (4.4 million), 400,000 acres in North Dakota (6.6 million), 100,000 acres in South Dakota (5.2 million) and 150,000 acres in Wisconsin (2.05 million).
USDA estimated all-wheat plantings at 45.478 million acres, up 128,000 acres from March intentions and 40,000 acres more than analysts expected. Winter wheat plantings at 33.325 million acres came in slightly higher than expected. Other spring wheat acres at 10.045 million increased 25,000 acres from March intentions but were 33,000 acres less than analysts expected.
USDA estimated cotton plantings at 10.120 million acres, up 253,000 acres from March intentions and 385,000 acres higher than expected. Cotton seedings still declined 1.063 million acres from last year. Texas planted 5.726 million acres to cotton, up 199,000 acres from March intentions. Georgia planted 1.0 million acres to cotton, equal to March intentions.
Quarterly Grain Stocks Report
Corn: 4.644 billion bu.; traders expected 4.641 billion bu.
— compares with 8.151 billion bu. March 1 and 4.997 billion bu. June 1, 2024
Soybeans: 1.008 billion bu.; traders expected 980 million bu.
— compares with 1.910 billion bu. March 1 and 970 million bu. June 1, 2024
Wheat: 851 million bu.; traders expected 836 million bu.
— compares with 1.237 billion bu. March 1 and 696 million bu. June 1, 2024
June 1 corn stocks in all positions increased 347 million bu. (6.9%) from year-ago and were 3 million bu. above the average pre-report trade estimate. Corn stored off-farms totaled 2.088 billion bu. (45% of total), up 117 million bu. (5.9%) from year-ago. Corn stored on-farms totaled 2.556 billion bu. (55% of total), down 470 million bu. (15.5%) from year-ago. Implied use in the third quarter of the 2024-25 marketing year was 3.5 billion bu., up 4.2% from the same quarter last year.
June 1 soybean stocks in all positions rose 38 million bu. (3.9%) from year-ago and were 28 million bu. above the average pre-report trade estimate. Soybeans stored off-farms totaled 596 million bu. (59.1% of total), up 92 million bu. (18.3%) from year-ago. Soybeans stored on-farm totaled 412 million bu. (40.9% of total), down 54 million bu. (11.6%) from year-ago. Implied disappearance in the third quarter of the 2024-25 marketing year was 903 million bu., up 3% from the same period last year.
June 1 wheat stocks in all positions increased 155 million bu. (22.3%) from year-ago and were 15 million bu. above the average pre-report trade estimate. Wheat stored off-farm totaled 667 million bu. (78.4% of total), up 109 million bu. (19.5%). Wheat stored on-farm totaled 184 million bu. (21.6% of total), up 45 million bu. (32.4%) from year-ago. Implied use of wheat in the final quarter of the 2024-25 marketing year was 386 million bu., down 2% from the same period last year.