The USDA Acreage report surprisingly estimates planted corn acreage at 91.7 million acres, a few million acres above pre-report estimates and slightly higher than the June WASDE forecast. On the other hand, soybean planted acreage is estimated at an even 80 million acres, a few million acres lower than pre-report estimates and the June WASDE estimate.
Looking at grain stocks, corn is reported at 5.20 billion bushels, slightly lower YOY and about 110 billion bushels lower than pre-report estimates. Soybean stocks are at 1.79 billion bushels, which is slightly below pre-report estimates. Soybean stocks were up 47 percent YOY.
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