Big (record) acreage, tight old-crop stocks, seems to be the consensus of the trade's thoughts on Monday's Report. What about you?
Here is what Allendale Inc. is thinking:
"In each of the past five late planted years corn acres increased on the June Acreage report. Other factors, more than planting pace, determine June acreage. From March 1 to May 15 the potential corn revenue per acre increased by $15. During the time the potential soybean revenue increased by $22 per acre.
Corn planted acres are expected to increase 385,000 from USDA's March Prospective Plantings survey. This is the fourth largest acreage in modern times.
Soybean acres are expected to increase by 1.711 million acres. This is a record soybean planting.
Wheat acres are seen 194,000 lower than the March survey. A reduction in spring wheat, of 151,000 acres, was responsible for most of the change. This is the second lowest acreage in 40 years," Allendale Inc. stated in a pre-report statement.
Prospective Plantings in million acres
March
USDA 2014 Allendale
Corn 91.696 92.081
Soybeans 81.493 83.204
All Wheat 55.815 55.621
Winter Wheat 42.007 41.961
Hard Red 30.200 30.183
Soft Red 8.430 8.456
White 3.350 3.322
Durum 1.799 1.802
Other Spring 12.009 11.858
Hard Red 11.300 11.156
White .709 .702
Quarterly Grain Stocks in billion bushels
06/13 03/14 Allendale
Corn 2.766 7.006 3.646
Beans .435 0.992 .344
Wheat .718 1.056 .593
Mike
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