Corn Acres Dive Vs. March Intentions

Posted on Tue, 06/30/2020 - 10:47

Soybean and cotton planted acres also came in well under expectations, with wheat plantings also on the friendly side of expectations.

June 1 stocks topped expectations, but the market was more focused on the nearly 5 million acre drop in planted acres vs. March intentions. Soybean and wheat stocks on June 1 were more in line with expectations.

The following expectations are based on survey-work by Reuters (Bloomberg for cotton).

 

Acreage Report

Corn – million acres

USDA

92.006

Average est.

95.207

March Intentions

96.990

USDA final 2019

89.700

 

Soybeans – million acres

USDA

83.825

Average est.

84.716

March Intentions

83.510

USDA final 2019

76.100

 

All wheat – million acres

USDA

44.250

Average est.

44.718

March Intentions

44.655

USDA final 2019

45.158

 

Winter wheat – million acres

USDA

30.550

Average est.

30.849

March Intentions

30.775

USDA final 2019

31.159

 

Other spring wheat – million acres

USDA

12.200

Average est.

12.551

March Intentions

12.590

USDA final 2019

12.660

 

Durum wheat – million acres

USDA

1.500

Average est.

1.313

March Intentions

1.290

USDA final 2019

1.339

 

Cotton – million acres

USDA

12.185

Average est.

13.200

March Intentions

13.700

USDA final 2019

13.736

 

Quarterly Grain Stocks Report

Corn – billion bu.

USDA June 1, 2020

5.224

Average est. for June 1, 2020

4.951

USDA June 1, 2019

5.202

USDA March 1, 2020

7.953

 

Soybeans – billion bu.

USDA June 1, 2020

1.386

Average est. for June 1, 2020

1.392

USDA June 1, 2019

1.783

USDA March 1, 2020

2.253

 

Wheat – billion bu.

USDA June 1, 2020

1.044

Average est. for June 1, 2020

0.980

USDA June 1, 2019

1.080

USDA March 1, 2020

1.412