From staff reports The USDA released the latest Grain Stocks and Acreage reports on June 28, 2024. Allendale’s Rich Nelson gave a few key takeaways from both reports.
Starting with acreage numbers for the spring planted crops, Nelson said 1.4 million acres was added to the prior estimate of planted acres of corn in March -- now at 91.5 million acres. Nelson said soybeans were lowered from the March estimate -- now at 86.1 million acr es.
A minor change was seen in planted acres of wheat, Nelson said, down about 258,000 acres from the prior March survey.
“Overall, a little surprise for the corn,” Nelson said. “Soybean and wheat numbers were relatively okay.”
Regarding the quarterly grain stocks report, Nelson said the numbers released in the latest report represent usage after three quarters of usage for corn and soybeans.
He added the report also “puts the stamp” on old crop ending stocks for wheat.
“We did have a small surprise for the wheat side,” Nelson said. “Wheat was 702 million bushels for old crop stocks. This would imply maybe a bit weaker feed usage and feed residual than we expected to see, so a little surprise for corn and wheat on this report.”