USDA's June Acreage report released Friday sent chills through the corn market. With planted acres for corn above pre-trade estimates at 91.5 million acres, the combination of more acres and growing stocks sent corn prices tumbling.Here's a quick recap of what USDA had to say in Friday's June Acreage and Grain Stocks reports:
2024 corn planted acreage at 91.5 million, which is down 3 percent from 2023, but above the 90 million acres in the March Prospective Plantings report.
Soybean acreage was pegged at 86.1 million acres, up 3 percent from last, but down from the 86.5 million in March.
HAll wheat is estimated at 47.2 million acres, slightly lower than the 47.5 in March, but down 5 percent from 2023.
By TYNE MORGAN
July 1, 2024
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