Report Reactions
USDA’s corn, soybean and wheat ending stocks forecasts topped pre-report expectations, as did the U.S. all-wheat crop estimate.
USDA Report Reaction - Soybean plantings estimate sharply below expectations at 88.325 million acres
Estimated corn plantings raised more than expected to 89.92 million ac., all wheat acres also above expectations.
Corn acres slightly higher than trade expectations.
Pigs kept for breeding down slightly less than analysts expected.
June 1 inventories up 1.2% from year-earlier, lower than projected.
U.S. soybean stockpiles seen lower than expected at end of 2022-23.
Wheat futures rocketed higher on the bullish report data.
USDA also expects a drop in 2022-23 global wheat production and supplies.
USDA left U.S. old-crop corn ending stocks unchanged, whereas traders expected a cut. Global corn ending stocks also unexpectedly increased.
USDA unexpectedly estimates farmers intend to plant more acres to soybeans than corn in 2022. March 1 stocks were slightly lower than expected, while soybean stocks came in higher than anticipated.