More 2020 U.S. Soybean and a Lot Less Corn Acres, USDA Estimates
Where Did The Acres Go, Analysts Ask.
By Mike McGinnis, Successful Farming
Agriculture.com - 6/30/2020
The U.S. farmers planted a lot less corn acres and a slightly higher amount of soybeans, this year, according to the USDA.
On Tuesday, the USDA released its June Acreage and Quarterly Grain Stocks Reports.
Today, the USDA estimated total corn and soybean acreage at 176 million vs. its March estimate of 180.5 million. So, the question that investors are asking this morning is, where did the acres go?
As a result, the CME Group’s farm markets moved up 16¢, following the reports.
At midsession, the Sept. corn futures are 11½¢ higher at $3.40¾. Dec. corn futures are 12¼¢ higher at $3.47¾.
Aug. soybean futures are 14¼¢ higher at $8.76¾. November soybean futures are 16¢ higher at $8.77½.
Sep. wheat futures are 5¾¢ higher at $4.92½.
Aug. soymeal futures are $3.90 per short ton higher at $287.50. Aug. soy oil futures are 0.16¢ higher at 27.94¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.12 per barrel lower at $39.58. The U.S. dollar is lower, and the Dow Jones Industrials are 51 points higher.
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