USDA reported that supplies for corn and soy are still tight, with lower than expected corn and soy stocks and acreage in its June 1 Grain Stocks and Acreage reports. December corn traded limit up and soybeans were within 15 cents of limit up at the end of the day.
USDA estimated 2021 corn planted acreage at 92.7 million acres, compared to March intentions of 91.14 million acres. 2020 acreage was 90.8 million. Harvested acres were estimated at 84.5 million, up two million from a year ago. When surveyed, 98 percent of intended acreage had been planted, with only 2.18 million acres left to plant.
June 1 corn stocks were 4.112 billion bushels, below the estimated 4.204 billion. That’s the lowest level since 2013.
USDA estimated 2021 soybean planted acreage to be 97.6 million acres, in line with March intentions. Harvested acres were 86.72 million acres. Both planted and harvested acreage were up five percent from a year ago. If realized, this projection would be the third-highest planted and harvested acreage on record.
USDA estimated there were 9.8 million acres left to be planted. Stocks on June 1 were 767 million bushels, about 28 million below the estimate of 795. That’s the lowest June stocks in six years.
Thus, November beans traded 86 cents up on the day of the release and $1.12 above the daily low.
USDA’s Grain Stocks Report can be found here and the Acreage Report can be found here.
