WASHINGTON — The US Department of Agriculture (USDA) in its annual Acreage report on June 30 estimated 2020 corn planted area at 92 million acres, down 5% from the March Prospective Plantings forecast but up 2.6% from 2019. Harvested area was forecast at 84 million acres, up 3.3% from a year ago.

Soybean planted area was estimated at 83.8 million acres, up 0.4% from March intentions and up 10% from 2019, with harvested area forecast at 83 million acres, up 11% from last year.

CME Group corn and soybean futures traded sharply higher after the 11:00 a.m. Central Time release of the reports.

The USDA, in its Grain Stocks report, estimated June 1 old-crop all wheat stocks, which comprise 2020 carryover, at 1.04 billion bushels, down 3.3% from June 1, 2019, including 232 million bushels on farms, up 12%, and 812 million bushels off farms, down 7%. March-May indicated disappearance of wheat was 372 million bushels, down 28% from the same period last year.

Corn stocks in all positions on June 1 were estimated at 5.22 billion bushels, up 0.4% from a year earlier, including 3.03 billion bushels on farms, up 2.6%, and 2.2 billion bushels off farms, down 2.4%. Indicated disappearance of corn during the March-May period was 2.73 billion bushels, down 20% from a year earlier.

Soybean stocks on June 1 were estimated at 1.39 billion bushels, down 22% from last year, with on-farm stocks at 633 million bushels, down 13%, and off-farm stocks at 753 million bushels, down 28%. Indicated March-May soybean disappearance of 869 million bushels was down 8% from the same period in 2019.

USDA soybean stock estimates were below the average of trade expectations while the corn estimate was above, although most market impact from the latter was offset by the lower-than-expected corn plantings estimate.