Written Commentary
Ag Market View for May 3.24
May 3, 2024
June 30 USDA Stocks/Acres Bullish Beans
- June 30, 2023
- ADMIS Research Team
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STOCKS/ACRES REPORT HIGHLIGHTS
- Soybean acres and stocks numbers lower than expected seen as bullish
- Corn acres quite a bit higher seen as bearish
- Wheat acres in line with estimates
- USDA estimated US June 1 soybean stocks at 795 mil bu vs 812 expected and 968 last year
- USDA estimated US June 1 corn stocks at 4,106 mil bu vs 4,255 expected and 4,349 last year
- USDA estimated US June 1 wheat stocks at 580 mil bu vs 611 expected and 698 last year
- USDA estimated US 2023 corn acres at 94.1 mil vs 91.85 expected and 88.58 last year
- USDA estimated US 2023 soybean acres at 83.5 mil vs 87.67 expected and 87.45 last year
- USDA estimated US 2023 all wheat acres at 49.6 mil vs 49.65 expected and 45.73 last year
- USDA estimated US 2023 spring wheat acres at 11.1 mil vs 10.51 expected and 10.83 last year
- USDA estimated US 2023 cotton acres at 11.09 mil vs 11.12 expected and 13.76 last year
Infographic
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