From Ag.com:
Soybean Acreage, Corn Stocks Numbers Sharply Bearish -- USDA
U.S. farmers have planted a whale of a soybean crop this year, and if that crop reaches fruition, it'll keep the bears fed for some time, analysts and traders say after soaking up Monday's USDA Quarterly Grain Stocks and June Acreage reports.
USDA pegged soybean acres for 2014 11% higher than last year at 84.8 million. That's more than 2 million higher than previous trade estimates, analysts say.
"Big bear surprise in bean acres! Record size bean crop," says Bob Linneman, Market Analyst with Kluis Commodities LLC. "Now the questions becomes yield -- watch the Monday crop condition reports. Also, corn was neutral, but beans are so bearish that we may see the beans keep the corn down."
Corn stocks are almost 40% higher than they were a year ago, while soybean stocks are slightly lower, according to Monday's USDA-NASS Grain Stocks report.And via Deutsche Börse:
The report shows corn on hand in the U.S. on June 1 was 3.85 billion bushels, up 39% from a year ago. Corn on hand on farms is even higher than it was a year ago, the report shows.
"Of the total stocks, 1.86 billion bushels are stored on farms, up 48% from a year earlier. Off-farm stocks, at 1.99 billion bushels, are up 32% from a year ago. The March-May 2014 indicated disappearance is 3.15 billion bushels, compared with 2.63 billion bushels during the same period last year," according to Monday's Stocks report.
"Area for harvest, at 84.1 million acres, is up 11% from 2013 and will be a record high by more than 7.4 million acres, if realized. Record high planted acreage is estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota, and Wisconsin," according to Monday's Acreage report....MORE
USDA: Corn Stocks Up 39% In June Vs A Year Ago
