Home Crop Monitoring Markets rally after USDA counts lower-than-expected corn and soybean acres

Markets rally after USDA counts lower-than-expected corn and soybean acres

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With all eyes within the grain market paying shut consideration, the USDA delivered a bullish acreage report on Wednesday morning.

The division estimated U.S. corn acres at 92.7 million acres — up from 91.1 million within the March planting intentions report, however nonetheless simply over 1,000,000 acres decrease than the common pre-report commerce estimate of 93.8 million acres.

Soybean space additionally got here in under pre-report expectations. The USDA estimated soybean acres at 87.6 million, in comparison with expectations of slightly below 89 million acres.

Wheat acres, nevertheless, exceeded expectations, with the USDA pegging all-wheat at 46.7 million acres, in comparison with a forty five.9 million acre pre-report commerce estimate, primarily on account of larger than anticipated winter wheat acres. It must be famous as nicely that this quantity nonetheless represents the fourth lowest wheat space since USDA data started in 1919.

The USDA additionally revealed its quarterly grain shares report on Wednesday. The estimates for corn, soybeans, and wheat as of June 1 had been all barely decrease, however very near commerce expectations.

Associated: No shock as canola acreage will increase in newest StatsCan report

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