Although U.S. corn stocks declined by about 350 million bushels year over year, the June Stocks Report was in line with the market?s expectations. The corn planted acreage was also in line with the March estimate and trade expectations.
Soybean stocks and acres were also very much in line with expectations.
Wheat stocks came in slightly above expectations, just above 850 million bushels, but wheat acres were almost exactly in line with the average trade guess.
None of the data points from today?s USDA will surprise traders. With the report out of the way, the market will shift its focus back to weather and crop conditions.
Source: USDA, Reuters