WASHINGTON — The US Dept. of Agriculture in its annual Acreage report on June 29 estimated 2018 area planted to corn at 89,128,000 acres, down 1 percent from 2017. Harvested area was forecast at 81,770,000 acres, also down 1 percent.
Soybean planted area was estimated at 89,557,000 acres, down 1 percent from 2017, with harvested area forecast at 88,862,000 acres, down 0.7 percent.
The USDA estimates for corn were above the average of trade expectations, but soybean estimates were below the trade averages.
Corn stocks in all positions on June 1 were estimated at 5,306 million bushels, up 1 percent from a year earlier, including 2,750 million bushels on farms, down 3 percent, and 2,556 million bushels off farms, up 7 percent, the USDA said in its Grain Stocks report.
Soybean stocks on June 1 were estimated at 1,222 million bushels, up 26 percent from last year, with on-farm stocks at 377 million bushels, up 13 percent, and off-farm stocks at 845 million bushels, up 33 percent.
USDA corn and soybean stocks estimates all were slightly above the average of trade expectations.
Corn and soy complex futures all traded higher after the reports, with soybean contracts up about 10 cents and corn up about 5 cents.