This week’s much awaited June Acreage report ended up being somewhat bearish for corn, and slightly supportive for soybeans. Overall, this much awaited report resulted in a rather muted market response. A slightly larger corn area at the expense of soy has been anticipated for some time so conformation came as little surprise. The next WASDE, to be out on the 12th will take these acreage reports into account for production estimates.
The June USDA Acreage report detailed corn to be down 4% year on year, but relative to the March report, and planted areas were marginally uncreased to 89.92M acres, up from 89.49M acres.
For soybeans and although year on year the soybean area is up 1% from last season, now at 88.33 M acres this is down from the provisional March estimate of 90.96 M acres.
Also released today have been US stocks. Year on Year and US corn stocks are marginally up year on year, at 110.38Mt on the 1st of June, against 104.43Mt in 2021.
US soybean stocks at 26.44Mt on the 1st of June were also marginally up year on year against 20.93Mt last season, potentially offsetting the otherwise bullish acreage report.
