USDA’s Quarterly Stocks and Prospective Plantings Reports were bullish corn and old crop soybeans, bearish new crop beans and neutral for wheat. The agency pegged corn acreage at 91.7 million acres down 4-percent from last year and nearly one million acres below the trade guess. Mike Kruger with The Money Farm says corn acreage went down everywhere except Kansas and Iowa.
Quarterly stocks were also bullish for corn at 7.01 billion bushels which was 100 million below the estimate.
Quarterly stocks were also bullish for soybeans at 992 million bushels and that tightness will be reflected in the ending stocks figure.
Soybean acreage was up 5 million acres from last year which is up nearly 6-percent from 2013.
Wheat carryout was 1.055 billion bushels and total wheat acreage was 55.8 million with spring wheat at 12 million acres which was below the trade guess but still 413,000 acres above 2013.