Corn & soybean stocks higher, new-crop acreage lower than expectations
USDA’s initial plantings forecast puts 2018/19 corn plantings at 88.0 million acres, compared to average trade expectations of 89.5 million acres, and soybean plantings at 89.0 million acres versus 90.9 million widely expected in the market. Corn and soybean futures settled strongly higher as a result. Reported 2017/18 quarterly stocks, however, came in higher than the average of analyst estimates: 8.9 million bushels for corn (against 8.7 million expected) and 2.1 million bushels for soybeans (against 2.3 million expected).
Quarterly stocks of corn & soybeans
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