Written Commentary
Inflation Eases in Europe
June 30, 2026
USDA QUARTERLY STOCKS/ACRES HIGHLIGHTS
Today’s USDA data featured friendly surprises for the feed grains with corn stocks well below expectations as were US wheat acres and stocks.
Neutral for the soybean complex with both stocks and acres close to expectations.
Bean oil is being pressured by speculative selling, heavy deliveries, and record canola acres in Canada.
Corn:
- June 1st stocks 5.295 bil bu. 115 mil below expectations
- Stocks slightly below the range of estimates
- Planted acres little changed at 95.343 mil., 350k above expectations
- Acres lowered 150k in TX, down 100k in IA, MO, OH, and TN
- Acres increased 200k in IL and NE, up 150k in ND, and 100k in WI
Soybeans:
- June 1st stocks 1.061 bil bu. 15 mil above expectations however within range of expectations
- Planted acres up 665k to 85.365 mil. however, were 35 mil. below expectations
- Acres lowered 300k in MS and WI, down 200k in MN, and down 100k in NE
- Acres increased 400k in KS, 300k in OH, 200k in IL and 100k in IN, IA, MO, and ND
Wheat:
- June 1st stocks 920 mil bu. 15 mil. below expectations however within range of expectations
- All wheat acres at 42.74 mil were down 1.035 mil vs, expectations of rising 85k acres
- Winter wheat acres were slashed another 890k to 31.52 mil., harvested acres were cut 805k to 21.21 mil.
- Spring wheat acres were cut 25k vs. expectations for an 80k increase
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
