Potential market-moving data coming from USDA on June 30

USDA will release its Acreage and Quarterly Grain Stocks Reports at 11:00 a.m. CT on Monday, June 30. Both reports have the ability to greatly impact markets – and this is historically the most volatile trading day of the year. The pre-report estimates for the Acreage Report suggest analysts on average expect relatively modest changes from March planting intentions. However, the ranges for expectations for corn and soybean plantings are wide, so there could be a surprise. Quarterly stocks have consistently been difficult for analysts to peg, especially corn. The range of estimates for June 1 corn stocks is 325 million bu., meaning someone will be surprised. The following pre-report estimates are from a Reuters survey.