From: Terry Reilly
Sent: Friday, June 29, 2018 11:19:51 AM (UTC-06:00) Central Time (US & Canada)
Subject: FI snapshot for the USDA reports
PDF’s attached include USDA’s full reports
We don’t see any strong indications to be buying futures for all-wheat agriculture markets based on the latest USDA reports. Corn, wheat, and minor feedgrain plantings came in above trade expatiations and soybeans were 134,000 acres below.
June 1 corn stocks of 5.306 billion bushels were 38 million above trade expectations, soybeans of 1.222 only 3 million below and all-wheat stocks of 1.100 billion were 9 million above an average trade guess. There were minor, non-factor, revisions to March 1 stocks.
Soybean plantings were revised 575,000 acres higher to 89.557 million, only 134,000 below a average trade guess.
US corn plantings of 89.128 million came in 566,000 acres above a trade guess and are up 1.102 million acres from March Intentions.
All-wheat plantings of 47.821 million are 719,000 acres above an average trade guess and 482,000 above March. The largest increase came from spring wheat, 575,000 above March and 771,000 acres above the trade estimate. Durum acres came in 143,000 acres below the trade and winter wheat was revised higher by 23,000 acres.
Senior Commodity Analyst – Grain and Oilseeds
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ICE IM: treilly1
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