U.S. Soybean acres at 84.839 million acres (82.154 Million Acres Expected)
U.S. Corn acres at 91.641 million acres (91.725 Million Acres Expected)
U.S. Wheat acres at 56.474 million acres (55.818 Million Acres Expected)
June 1 Soybean stocks 27 million bushels above expectations (405 Million Bushels)
June 1 Corn stocks 132 million bushels above expectations (3,854 Million Bushels)
June 1 Wheat stocks 8 million bushels below expectations (590 Million Bushels)
U.S. Soybean acres came out 2.5 million acres higher than trade estimates, pushing new crop prices sharply lower. Northern states saw the largest acreage additions year over year, with 1.35 million soybean acres added in North Dakota alone. Michigan, Minnesota, and Wisconsin saw a combined 1.42 million soybean acres added as well. Old crop stocks, which has been the backbone of the soybean markets relative strength, did little to support prices as the number came in 27 million bushels above expectations. Overall these are very negative numbers for new crop soybeans, especially considering the large world ending stocks projected for 2014/15.
Corn acres came out in line with trade expectations. The June 1st stock number is bearish as the 3.854 million bushels reported was 132 million bushels above trade expectations.
Wheat had an overall neutral report with quarterly stocks tighter than expected by only 8 million bushels and a slightly larger acreage figure. At the moment wheat is following the corn market lower.
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