The USDA Acreage Report at the end of the week showed that 91.475 million acres of corn were planted this spring across the United States. This figure is up by 1.44 million acres from the March Planting Intentions Report and 1.1 million acres higher than the average trade estimate.

Grain Stocks data indicated that corn stocks totaled 4.993 billion bushels as of June 1, which is 890 million bushels more than a year ago. This figure is close to the upper end of the trade estimate range of 5.013 billion bushels and 120 million bushels above the average estimate.

Additionally, CFTC data revealed that speculators in corn futures and options added over 86,000 contracts to their net short position as of June 25, bringing it to nearly 278,000 contracts.

Source: Reuters

September Corn Futures Prices dropped sharply in the final session of the week, with the settlement price on June 28 at 407.5 cents per bushel, down 3.55% from the previous session.

Regarding soybeans, the planted area for this crop reached 86.1 million acres, down 410,000 acres from the March Intentions Report and 650,000 acres less than the average trade estimate.

Quarterly grain stocks data showed that soybean stocks as of June 1 totaled 970 million bushels, up 174 million bushels from last year's 796 million bushels and just 8 million bushels more than the industry estimate of 962 million bushels.

Managed funds increased their net short positions by nearly 24,000 contracts, bringing the total to nearly 130,000 contracts as of last Tuesday.

Source: Reuters

Monthly EIA data shows that 1.07 billion pounds of soybean oil were used for biofuel production in April, up 44 million pounds from March and the highest since the previous December.

September Soybean Futures Prices continued to decline, with the settlement price on June 28 at 1,100 cents per bushel, down 0.27% from the previous session.

Regarding wheat, the total planted area across the US was reported at 47.24 million acres, down 258,000 acres from the March report and 417,000 acres less than expected. Winter wheat was projected at 33.8 million acres, lower than the 34.1 million acres according to the Intentions report; spring wheat was at 11.27 million acres, slightly below estimates.

Wheat stocks as of June 1 (also the ending stocks for the 2023/24 season) were 702 million bushels. This figure is higher than the average trade estimate of 684 million bushels and 132 million bushels more than last year. Additionally, it is 14 million bushels above the June WASDE forecast for US wheat ending stocks.

SovEcon has cut its forecast for Russian wheat exports for the 2024/25 season to 46.1 million tons, based on a smaller crop. SovEcon did not change its production forecast, which remains at 80.7 million tons. FranceAgriMer has lowered its rating of the French wheat crop from good to excellent by 2% to 60%.

Hedge funds closed their net short positions by nearly 70.5 thousand Chicago wheat contracts, an increase of nearly 18 thousand contracts.

September Wheat Futures Prices declined again. The settlement price on June 28 was 573.5 cents per bushel, down 1.04% from the previous session.