Acreage report released
The June Acreage report is out from the U-S-D-A showing numbers above last year. Corn planted in the U-S is estimated at 92.7 million acres, up two percent from last year. Growers are expecting to harvest about 84.5 million acres of corn for grain.
Soybean area planted is at 87.6 million acres, up five-percent from last year. The grain stocks report shows sharp declines in corn and bean stocks with corn at 4.1 billion bushels, down 18% from last year. Soybean stocks are at 767 million bushels, down 27% from last year.
On the Iowa side of the latest reports, like the rest of the country, state grain stocks are sharply down. Corn stored in all positions totaled 820-million bushels, down 23% from 2020, with 41% stored on farm. Soybeans stored in all positions were 137 million bushels, down 51% below the 281 million last year. Around 30% of beans were stored on farm.
The Iowa Acreage report shows farmers planted 13.1-million acres of corn, down 100,000 from March intentions and half-a-million from last year. That puts the estimated harvest and 12.6 million acres. Soybean acreage planted is at 9.9 million acres, up 100,000 from March intentions and half-a-million from last year.
The monthly price report shows Iowa farmers averaged $6.03 per bushel for corn, up nearly three dollars from May of 2020. Iowa farmers averaged $14.80 a bushel for soybeans, up $6.62 from last year.
Oat prices are down about 50 cents from last year. Hay prices are 20 bucks above last year and milk prices are at $20/ hundredweight – about $5 above last year.
A look at the markets
We’re heading towards the weekend post report; analyst John Heinberg has the details:
“Got a lot of different factors, lets touch on numbers from yesterday, in my mind beans a bit of a game changer going into the second half of the year here obviously those acre numbers were not what the market was expecting and then realistically you go and look at where those acres were. Maybe getting some profit taking as we got the three day weekend coming and some of these traders after a good day trading yesterday might turn it into a four day weekend so don’t be shocked if we see corrective trade. Corn on the other hand friendly report, we got to see what starts happening with the yield we’re seeing what’s going on with the Dakota and Minnesota weather. Cattle markets are choppy, cash is looking formidable or firming up nicely this week. Thinking about a break to the downside we’ll have to watch a little bit of the short term, but a little bit of these longer term charts look friendly. So if we can hang in there I think we have potential going into the fourth quarter. Hog market choppy feels like we got a bottom, but feels like we can test some things with the way this market is acting. Same thing like in cattle, watching these retail values continue to be soft, watching the index trade lower so the cash maybe a little suspect at this time frame.”