Monday June 29, 2020
- U.S. Planted Acres report out tomorrow as well as quarterly stocks – see full estimates below
- Corn: acres expected to still be high but come down slightly from initial projections
- Soybeans: expected to have picked up some acres from corn
- Wheat: expected to have picked up some acres as well
- Dryness still preceds in some areas of the U.S. despite scattered coverage last week – with funds as short as they are it is enough to garnish at least a small reaction this morning
- A hot dry stretch to lead us into July – overall not concerned but again has to at least be ackowledged in the market
- Stats Canada 2020 planted acres report: notably higher acres in lentils, barley and durham wheat
- All wheat planting at 24.97 million acres – ahead 2019’s acres by 1.5%
- Note that winter wheat acres alone were up 45.9% at 1.356 million acres
- Corn acres 3.56 million acres down 3.7% from last year
- Soybean acres at 5.07 million acres, down 11.3% from last year
- All wheat planting at 24.97 million acres – ahead 2019’s acres by 1.5%
| USDA Quarterly Stocks (in billion bushels) | |||||
| USDA June 1, 2020 | Avg. Estimate | Range | USDA June 1, 2019 | USDA March 1, 2020 | |
| Corn | 4.951 | 4.795-5.150 | 5.202 | 7.953 | |
| Soybeans | 1.392 | 1.275-1.490 | 1.783 | 2.253 | |
| Wheat | 0.980 | 0.925-0.996 | 1.080 | 1.412 |
| USDA Planted Acres (in million acres) | |||||
| USDA June 2020 | Avg. Estimate | Range | USDA March 2020 | USDA 2019 Final | |
| Corn | 95.207 | 93.00-97.10 | 95.4 | 89.7 | |
| Soybeans | 84.716 | 83.50-85.60 | 85.5 | 76.1 | |
| All Wheat | 44.718 | 44.20-45.10 | 44.455 | 45.2 | |
| Winter Wheat | 30.849 | 30.40-31.60 | 30.775 | 31.2 |