Friday, June 28, 2019

Futures—USDA annual acreage report: "U.S. corn plantings top expectations despite floods; prices sink"

From Reuters:
U.S. farmers planted more corn than expected despite heavy rains and flooding that market watchers had said kept farmers out of the fields for much of the spring, the U.S. government said on Friday.

Soybean acreage came in below forecasts, however. Analysts had expected the data to show farmers had boosted their soybean acres due to the corn planting delays - and many cast skepticism on the Agriculture Department’s report. Soybeans can be planted later in the year than corn.
Chicago Board of Trade (CBOT) futures reacted sharply to the news, with corn plunging its daily 25-cent trading limit to its lowest since June 11. CBOT soybeans rallied to their highest since Feb. 1.

The USDA’s planting progress reports issued throughout the spring showed corn planting on a historically slow pace.

“I think the USDA is sending the message that corn acres got planted - regardless of what some of these farmers up here in the Midwest see outside their kitchen windows,” said Karl Setzer, market analyst for Agrivisor....MUCH MORE
Here is the USDA reports page:
Today's Reports
Jun 28, 2019

Released at 12:00 pm ET

Grain Stocks
Released at 12:00 pm ET

And from AgWeb June 25, the trade estimates and comparables:
USDA annual acreage report will be released this Friday at 11 a.m. CST. Analyst estimates for corn plantings on this report are 86.662 million acres of corn (89.800 million acres June WASDE, 92.792 million acres March forecast). Soybean plantings average estimate at 84.355 million acres (84.600 million acres June WASDE, 84.617 million acres March forecast). All wheat plantings average estimate at 45.654 million acres (45.800 million acres June WASDE, 45.754 million acres March forecast).
See also June 24's "Soybeans Could Be Next Market to Surge as U.S. Showers Drag On".

From FinViz, the last two week's action in corn and beans: