June 30th Acreage - Where did the acres shift?

Today's price action was relatively muted compared to past June Acreage reports. The USDA’s Acreage or Stocks numbers did not deliver enough of a surprise to shift the dynamics of this market.

Corn

Corn acres lowered to 95.203 million acres, down 123k acres from March and only 147k acres below the average analyst guess. FBN’s acreage forecast was directionally correct but expected a 300k acre reduction.

The largest reductions in Corn acreage came from Nebraska, Kansas, Texas, Illinois, Minnesota and Ohio. Some states like Colorado, Louisiana, Michigan, Missouri and South Dakota increased acreage from the March Prospective plantings report.

Soybeans

Soybean acreage also declined which was a surprise, down 115k acres from March and 275k acres below the average trade guess. FBN’s acreage forecast expected an increase in soybean acres by 200k.

The largest soybean acreage reduction came from Indiana, Mississippi, Ohio, Michigan, Arkansas and Iowa while the largest increases in acreage came from North Dakota, Wisconsin, Kansas, Oklahoma and South Dakota.

Wheat

All wheat acres were reported at 45.478 million acres, up 128k acres from March and mostly in line with the average trade estimate. The largest acreage increase was 240k in Montana. Of the total increase in Montana wheat acres 150k was from Spring Wheat and 90k was to Durum. North Dakota and Minnesota both saw 50k acre reductions in spring wheat acres.

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