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Grain stocks, acreage numbers out Monday

USDA’s planted acreage report is out Monday and, on average, analysts expect corn and soybean acres to be a little larger than what USDA was projecting in March.

According to Reuters, the average guess for corn acreage is 91.725 million acres, compared to 91.691 million in March, and soybeans are seen at 82.154 million acres, compared to the prior projection of 81.493 million. Spring wheat acreage is estimated at 11.86 million acres, down from the March guess of 12.009 million acres following widespread planting delays in the Northern Plains.

The Ag Department’s quarterly grain stocks update will also be released Monday and if the estimates hold, soybean and wheat supplies should be at multi-year lows.

Also via Reuters, soybean stocks as of June 1 should be around 378 million bushels, which would be the lowest for that date in 37 years due to strong export and domestic demand. Wheat stocks are projected at 598 million bushels, potentially the lowest in six years following several years of declining domestic production. Corn stocks are seen at 3.722 billion bushels, which would be the largest June 1 number in four years.

The reports are out Monday, June 30 at Noon Eastern/11 AM Central.