Market-moving Reports on June 30

Posted on Fri, 06/26/2020 - 15:06

USDA’s Acreage and Grain Stocks Reports on June 30 have a history of producing strong market moves that usually set the price tone through summer (you can find more on that in this week’s Pro Farmer newsletter). Traders expect corn, spring wheat and cotton planted acres to fall from March intentions, while soybean acres are expected to rise. June 1 stocks are expected to be 4.95 billion bu. for corn, 1.39 billion bu. for soybeans and 980 million bu. for wheat.  The following expectations are based on survey work by Reuters (Bloomberg for cotton).

 

Expectations for
Acreage Report

Corn – million acres

Average est.

95.207

Range

93.000-97.100

March Intentions

96.990

USDA final 2019

89.700

 

Soybeans – million acres

Average est.

84.716

Range

83.500-85.600

March Intentions

83.510

USDA final 2019

76.100

 

All wheat – million acres

Average est.

44.718

Range

44.200-45.100

March Intentions

44.655

USDA final 2019

45.158

 

Winter wheat – million acres

Average est.

30.849

Range

30.400-31.600

March Intentions

30.775

USDA final 2019

31.159

 

Other spring wheat – million acres

Average est.

12.551

Range

12.150-12.810

March Intentions

12.590

USDA final 2019

12.660

 

Durum wheat – million acres

Average est.

1.313

Range

1.200-1.440

March Intentions

1.290

USDA final 2019

1.339

 

Cotton – million acres

Average est.

13.20

Range

11.90-13.90

March Intentions

13.70

USDA final 2019

13.74

 

Expectations for
Quarterly Grain Stocks Report

Corn – billion bu.

Average est. for June 1, 2020

4.951

Range

4.795-5.150

USDA June 1, 2019

5.202

USDA March 1, 2020

7.953

 

Soybeans – billion bu.

Average est. for June 1, 2020

1.392

Range

1.275-1.490

USDA June 1, 2019

1.783

USDA March 1, 2020

2.253

 

Wheat – billion bu.

Average est. for June 1, 2020

0.980

Range

0.925-0.996

USDA June 1, 2019

1.080

USDA March 1, 2020

1.412