Good morning,
Markets are down 7 in corn and up 35 in soybeans this morning.
With the key Stocks and Acres update on Friday, we could see some short covering later this week. I do expect a lower crop rating this afternoon, but nothing severe. The weather forecast into the July 4th weekend looks positive for the crops which will limit any market rally unless Friday’s report is bullish.
There are only a handful of sessions left to trade before the key Stocks and Acreage reports are released. Growers with too much old corn still unpriced face some difficult decisions. Be sure and get to a more comfortable position on old and new crop sales prior to the June 28th report.
USDA June 1 Stocks (billion bushels)
| USDA June 2024 | Average Est. | USDA June 2023 | |
| Corn | 4.873 | 4.103 | |
| Soybeans | .962 | .796 | |
| Wheat | .684 | .570 |
USDA 2024 June Acreage (million acres)
| USDA June 2024 | USDA March 31 | Average Est. | |
| Corn | 90.036 | 90.353 | |
| Soybeans | 86.510 | 86.753 | |
| All Wheat | 47.498 | 47.657 | |
| Winter Wheat | 34.135 | 34.197 | |
| Spring Wheat | 11.335 | 11.340 | |
| Durum | 2.028 | 1.998 |
Have a safe day!
Garry Gard
920-348-6844
