USDA report helps boost prices

USDA on Tuesday released the June 30 acreage and grain stocks reports.

Corn planted acreage is up three percent from last year with soybean acreage up 10 percent and wheat down two percent. Corn planted area in 2020 is estimated at 92 million acres, up 2.31 million from last year. Area harvested for grain, at 84 million acres, is up three percent from last year. Soybean planted area is estimated at 83.8 million acres. Compared to last year, bean planted acreage is up or unchanged in 24 of the 29 estimating states. All wheat planted area for 2020 is estimated at 44.3 million acres, representing the lowest all wheat planted area since records began in 1919.

Meanwhile, USDA has corn stocks up less than a percent from June 2019 with soybean stocks down 22 percent and all wheat stocks down three percent. Corn stocks in all positions June 1 totaled 5.22 billion bushels, up less than a percent from last year. Soybeans stored in all positions June 1 totaled 1.39 billion bushels, down 22 percent from last year.

Prices were higher late Tuesday morning after the reports were released with corn up 17 cents, soybeans up 22 and wheat up 5-7 cents.