USDA’s June 2023 estimation for corn planted acreage is 2.2 percent from the first quarter of 2023 and up 6 percent from 2022 at 94.1 million acres. This was above the average analysts’ expectations and out of the range of estimations. The top corn-producing states are expected to plant slightly more: Iowa planting is expected to increase by 300,000 acres, Indiana by 250,000 acres, and Illinois by 500,000 acres. The CBOT Dec-23 corn futures contract is trading low for the month with a bearish RSI a few hours after the release of the June acreage report. 

The estimated soybean planted area is down by 4 million acres from March 2023’s estimation and down 5 percent from June 2022 at 83.5 million acres, far below the average analysts’ expectation. USDA is expecting Iowa and Illinois to change their acres of soybeans planted by 7.4 percent and 4 percent YOY respectively as well. However, Minnesota is expected to plant more than it did in 2022 by 50,000 acres. In comparison to 2022, twenty-one out of twenty-nine states did not have an increment in their planted acreage. Soybeans’ Nov-23 futures contract is trading high for the week of Jun. 30. 

The full version of this commentary appeared on our IQ platform Jun. 30, 2023. Further information on planting acreage is available to IQ subscribers. Learn more about becoming a subscriber.

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