Report a shocker for soybeans

Friday’s June 30 USDA report was a shocker for soybeans.

There were 83.5 million soybean acres, which was about four million less than what was expected on the plantings report. Corn acres were at 94 million, two million more than what the trade was looking for. Once the report was issued late morning, corn was down 19 and beans up over 80 cents on the news.

Corn stocks were a bit skinny at 4.1 billion bushels, which is about 150 million less than the average trade guess and soybeans were at 796 million bushels, about 20 million different from the average guess. Stocks will depend on demand for the last quarter.

“Now the focus will be on the July 12 report,” Curt Kimmel of Ag Market.net told The Central Illinois Farm Network on Friday.

Kimmel feels the upcoming July 12 report could provide some good “fireworks.” If yield is lowered, it will tighten that soybean supply and demand balance sheet even more.

June Illinois Grain Stocks:

Corn stocks in all positions on June 1, 2023 totaled 609 million bushels, down 8 percent from June 1, 2022. On-farm stocks totaled 260 million bushels, while off-farm stocks totaled 349 million bushels. The March - May 2023 indicated disappearance is 728 million bushels.

Soybean stocks in all positions on June 1, 2023 totaled 110 million bushels, down 24 percent from June 1, 2022. On-farm stocks totaled 42.5 million bushels, while off-farm stocks totaled 67.0 million bushels. The March - May 2023 indicated disappearance is 161 million bushels.

Old crop all wheat stocks in all positions on June 1, 2023 totaled 11.2 million bushels, down 14 percent from June 1, 2022. On-farm stocks totaled 0.360 million bushels, while off-farm stocks totaled 10.9 million bushels. The March - May 2023 indicated disappearance is 8.15 million bushels.

June Illinois acreage:

Corn: Planted area, at 11.5 million acres, is up 6 percent from 2022. Harvested area for grain, at 11.3 million acres, is up 7 percent from last year.

Soybeans: Planted area, at 10.0 million acres, is down 7 percent from 2022. Harvested area, forecast at 9.95 million acres, is down 7 percent from the previous year.

Winter wheat: Planted area for 2023, estimated at 860,000 acres, is up 32 percent from the previous year. Area harvested for grain is forecast at 780,000 acres, up 39 percent from previous year.

Hay: Harvested area of all hay is expected to total 480,000 acres, down 3 percent from 2022. This total includes 200,000 acres of alfalfa and 280,000 acres of all other hay.