Acreage Numbers Mostly Up, Grain Stock Numbers Mostly Down

Acreage Numbers Mostly Up, Grain Stock Numbers Mostly Down. I’m Greg Martin and this is Market Line.

The USDA’s quarterly acreage report was released yesterday and US corn futures finish at 3 1/2-month lows as the surprising USDA data fueled a record-breaking price drop. USDA stunned traders by pegging corn plantings and inventories as of June 1 well above expectations.

USDA’s Rod Bain has a quick look at the report.

BAIN: Despite significant weather challenges, growers are reporting corn planted acreage up 5% from a year ago which would make it the second highest amount of corn planted in the U.S. since 1944. Plus wheat growers report a 5% increase in planted acres. And when looking at the grain stock report, the inverse is true. Coen stocks are reported down 15%, what stocks down 12% from a year ago.

On Monday Chicago July wheat off 56 1/2 at 584 3/4.
July corn down 69 at 629
New crop August white wheat 6-44 to 6-45 dn 43-50.
Hard red winter 11.5 percent protein mostly 7.42 dn 57-58.
DNS 14% protein mostly 10.15 down 55.
August live cattle down 7cents at 110.87.
August feeders up 30 at 138.07.
July Class III milk up 3 cents to 20.52.

I’m Greg Martin and that’s Market Line on Northwest Aginfo Net.