Bean plantings fell well short of expectations, while corn plantings exceeded expectations.
The biggest surprise in the USDA numbers came in soybean plantings. The USDA June planted acreage for beans came in 83.505 million acres, compared to the average trade guess of 87.673 million acres. The USDA bean acreage estimate fell 3.5 million acres below the lowest pre-report guess of 87 million acres.
Corn acres were above the high of the pre-report estimates at 94.096 million acres. The high of the estimate range was 93 million acres. The average trade estimate of 91.853 million acres.
An interesting trend in the data is that total principal crop planted acres in the western states ran above their previous estimates, while crops planted in the ?I-states? were down from 0.75 ? 1.1% from the prior estimates.
The bigger corn acreage number indicates farmers were happy with their corn planting conditions and kept on planting.
Corn stocks were down about 150 million bushels from the average trade guess. Bean stocks and wheat stocks were just slightly smaller than expected.
Source: USDA/Reuters/StoneX