In the annual Acreage Report out from the USDA, corn planted area for all purposes this year is at 90.9 million acres, down three percent from last year. A difference of one percent from the report in March.
Soybean planted area is at a record high 89.5 million acres, up seven percent from last year, the same as the March report.
And wheat acreage is down nine percent, not the eight percent predicted. Planted area is at 45.7 million acres, the lowest since records began in 1919.
In the Grains Stocks report, corn totals 5.23 billion bushels, up 11 percent from last year, and about 100 million bushels higher than the trade estimate.
Soybeans stored are also up 11 percent and market analyst Dan Hueber thinks we'll have to boost usage of the beans, "Grain stocks on the beans 963 million, trade was looking for 983 million. Okay, 20 million no big deal, but on the same token it is a big deal when you look at the sales. We continue to post in the bean market. We're more than 6 percent ahead of the projections already or was projected for the entire year."
Hueber says the bean market specifically is reacting well to the reports, "The combination of just a little less acreage, a little less grain stocks and surprise of everyone leaning a bit to the short side, so it's really turned around with a nice pop in the bean market."