(WASHINGTON D.C.)– USDA says they expect less corn acres to be planted in 2024 with soybean and wheat acres in line with pre-report estimates.
In the latest Prospective Plantings report, USDA expects to see 90.036 million acres of corn, 86.510 million acres of soybeans and all wheat acres at 47.497 million on the March report. The corn number comes in below the average pre-report trade estimate at 91.776 million acres. Soybeans in line with expectations of 86.530 million acres and all wheat slightly higher than the estimated 47.330 million acres.
Cotton acreage came in at 10.673 million acres with sorghum at 6.395 million acres and rice at 2.932 million acres. The all cotton pre-report estimates were 10.906 million acres, sorghum at 6.985 million acres and rice at 2.931 million acres.
On the Quarterly Grain Stocks report, corn stocks came in 80 million below expectations at 1.807 billion. Soybean stocks were up 17 million at 8.347 billion. The wheat stocks number was 17 million above expectations at 1.845 billion.
Keep checking back as more information is added throughout the day.
View the Prospective Plantings here: https://usda.library.cornell.edu/concern/publications/x633f100h
View the Quarterly Grain Stocks here: https://usda.library.cornell.edu/concern/publications/xg94hp534
StoneX Chief Commodities Economist, Arlan Suderman, joins Jesse Allen for report recap and analysis in the Market Talk Midday Commentary below:
https://podcasts.apple.com/us/podcast/market-talk/id1533318516?i=1000650752307