WASHINGTON — US Dept. of Agriculture planted area estimates in its annual June 30 Acreage report came in above the average of trade expectations for corn and below the average for soybeans. In its quarterly Grain Stocks report, the USDA June 1 estimates of corn and soybeans in all positions were above the trade averages.
Soy complex futures traded sharply higher, corn futures were mostly lower and wheat futures were mixed but mostly up modestly immediately after the reports were released at 11:00 a.m. Central Daily Time. Key numbers from both reports follow.
Corn planted area was estimated at 94.1 million acres, up 7 percent from 88 million acres in 2015 and the third highest on record. The average trade expectation was 92.759 million acres. Area for harvest was estimated at 86.6 million acres, up 7 percent from 80.7 million acres last year.
Soybean planted area was estimated at a record 83.7 million acres, up 1 percent from 82.7 million acres last year. The average trade expectation was 83.969 million acres. Area for harvest was estimated at 83 million acres, up 1 percent from 81.8 million acres in 2015.
Planted area of bioengineered corn comprised 92 percent of the total corn planted area, unchanged from 92 percent in 2015. Bioengineered soybeans made up 94 percent of total soybean planted area, also unchanged from 94 percent last year.
Stocks of corn in all positions on June 1 totaled 4,722 million bushels, up 6 percent from June 1, 2015. The average trade expectation was 4,528 million bushels. On farm stocks of corn were 2,471 million bushels, up 9 percent from a year ago, and off farm stocks were 2,251 million bushels, up 3 percent. Indicated March-May disappearance of corn was 3.1 billion bushels, down 6 percent from 3.3 billion bushels in the same period a year earlier.