The USDA released its June Acreage Report
Here are the numbers:
2022 Corn Intended Acres: 89.9 million acres compared to the USDA March 31 report of 89.5 million acres and 93.3 million acres in 2021. This would be down 400,00 acres from the March report and down 3.4 million acres from last year.
2022 Soybean Planted Acres: 88.3 million acres vs. the USDA March 31 at 90.9 million acres and 87.2 million acres in 2021. This would be down 2.6 million acres from the March 31 report and up 1.2 million acres from last year.
2022 Wheat Planted Acres: 47.1 million acres this compares to the USDA March 31 report at 47.351 million acres and 46.703 million acres in 2021.
Initial thoughts after reviewing the survey numbers:
The numbers are neutral to corn and wheat and bullish short term and long term for soybeans. The total corn and soybean acreage is just 178.2 million acres. It looks like my early projection of 3 million acres of prevent plant may be 2 million acres too low.
The soybean market will be very weather sensitive, with 2.6 million acres less acres than the March 30 Prospective Planting report, this could create 134 million less soybean bushels than earlier estimates.
Shared from: https://www.agriculture.com/markets/analysis/actual-acres-planted-to-corn-rise-while-soybeans-drop-in-2022-usda-says?did=802009-20220630&utm_campaign=todays-news_newsletter&utm_source=agriculture.com&utm_medium=email&utm_content=063022&cid=802009&mid=91029761676&lctg=123588474
