USDA’s quarterly stocks and acreages reports were released June 28, and the trade’s reaction was largely negative.
Both old and new crop corn plunged on news of the updated numbers, while old and new crop soybeans profited most.
USDA has put 2013 planted corn acreage at 97.4 million acres, up slightly from last year and yet the highest planted acreage since 1936’s 102 million acres. Harvested acres are up 2 percent from last year at 89.1 million acres.
Soybean plantings are also at a record-high level this year, up one percent from 2012 at 77.7 acres. Harvested area is set to be 76.9 million acres, also a record high, if realized.
Corn stocks as of June first are down 12% from 2012 at 2.76 billion bushels, and soybean stocks are 35% lower than a year ago at just 435 million bushels.