Tuesday’s USDA Grain Stocks report was bullish for old-crop corn, while neutral for old-crop soybean and wheat. The United States Department of Agriculture (USDA) Planting Intentions are bearish for new-crop corn, bullish for new-crop soybeans and neutral for new-crop wheat.
Total corn, bean and wheat acreage of 225 million acres are 14 mln acres higher YoY. The USDA tends to increase plantings in their June acreage report from March, which has occurred 14 of the last 20 years. Last year was a big exception, as lingering wetness allowed the USDA to pick up unplanted areas in subsequent reports. Comparing final acreage to March prospective plantings indicates more ambiguous results, with final acreage exceeding the March report 12 out of the last 20 years.