USDA Reports Summary

By DTN Analysts

This article was originally posted at 11:08 a.m. CDT on Friday, June 30, and updated again at 11:17 a.m. and 11:20 a.m. It was last updated with additional information at 11:20 a.m. CDT on Friday, June 30.

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OMAHA (DTN) -- USDA on Friday released its Acreage and June 1 Grain Stocks reports.

USDA said farmers planted 94.1 million acres of corn, above the range of pre-report expectations. It's up 6% from last year, and above USDA's March Prospective Planting report estimate of 92 million acres. It's the third highest corn planting since 1944.

On soybeans, acreage is pegged at 83.5 million acres, 5% lower than last year. It's also below the range of pre-report estimates.

DTN Lead Analyst Todd Hultman sees USDA's acreage estimates as bearish for new-crop corn, bullish for new-crop soybeans and neutral for total U.S. wheat. He sees the grain stocks estimates as moderately bullish for corn, soybeans and wheat.

Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.

You can also access the full reports here: https://www.nass.usda.gov/…

ACREAGE

USDA said farmers planted 94.1 million acres (ma) of corn, above the range of pre-report expectations. It's up 6% from last year, and above USDA's March Prospective Planting report estimate of 92 million acres. It's the third highest corn planting since 1944 and the most since 2013. Harvested acreage, at 86.3 million acres, is also higher than last year.

On soybeans, acreage is pegged at 83.5 million acres, 5% lower than last year and the smallest in three years. It's also below the range of pre-report estimates.

All-wheat planted area is estimated at 49.6 ma, 9% higher than last year and right in line with pre-report estimates. Winter wheat acreage is up 11% from last year at 37 million acres and, of that, 25.7 ma of it hard red winter wheat, 7.66 ma is soft red winter wheat and 3.68 ma is white winter wheat. Farmers planted spring wheats on 11.1 million acres, with Hard Spring accounting for 10.5 million, as the trade expected.

Cotton was planted on 11.1 million acres, 19% less than last year.

JUNE 1 GRAIN STOCKS

Corn stocks in all positions on June 1, 2023, totaled 4.11 billion bushels (bb), down 6% from June 1, 2022. The estimate was below pre-report estimates.

Of the total stocks, 2.22 bb are stored on farms, up 5% from a year earlier. Off-farm stocks, at 1.89 bb, are down 15% from a year ago. The March to May 2023 indicated disappearance or usage is 3.29 bb, compared with 3.41 bb during the same period last year.

Soybeans stored in all positions on June 1, 2023, totaled 796 million bushels (mb), down 18% from June 1, 2022. This number is also below pre-report estimates.

On-farm stocks totaled 323 mb, down 3% from a year ago. Off-farm stocks, at 473 mb, are down 26% from a year ago. Indicated usage for the March to May 2023 quarter totaled 891 mb, down 8% from the same period a year earlier.

Old crop all wheat stored in all positions on June 1, 2023, totaled 580 mb, down 17% from a year ago. The wheat estimate comes in at below pre-report estimates.

On-farm stocks are estimated at 124 mb, up 34% from last year. Off-farm stocks, at 456 mb, are down 25% from a year ago. The March to May 2023 indicated usage is 366 mb, up 11% from the same period a year earlier.

Old crop durum wheat stocks in all positions on June 1, 2023, totaled 28.0 mb, up 18% from a year ago. On-farm stocks, at 12.8 mb, are up 38% from June 1, 2022.

Off-farm stocks totaled 15.3 mb, up 6% from a year ago. The March to May 2023 indicated usage of 7.77 mb is up 18% from the same period a year earlier.

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Editor's Note: Join DTN Lead Analyst Todd Hultman at 12:30 p.m. CDT on Friday, June 30, for a look at what the day's numbers mean for grain prices. To register, visit: https://ag.dtn.com/…

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