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June ’13 USDA Planted Acreage Report

  • June 28, 2013
  • by wbabler
June ’13 USDA Planted Acreage Report
  • Corn – Bearish
    • The acreage projection of 97.4 million acres planted was well above the 95.3 million acres average estimate and slightly above the 97.2 million planted last year.
    • The focus will turn predominately to weather and yield going forward. Despite a wet spring, crop conditions are on average above par for most of the corn-belt. Adequate soil moisture and a neutral weather forecast point towards positive crop development but late July temperatures and precipitation remain crucial during pollution for final yields.
    • The projected ending stocks are expected to remain near 2 billion bushels which would be an enormous build versus the current market year of around 700 million.
  • Soybeans – Neutral
    • The acreage projection of 77.7 million acres planted was slightly below the 78.0 million acres average estimate but just above the 77.2 million planted last year.
    • Again weather is the primary focus with beans more sensitive to August precipitation and temperatures.
    • The balance sheet for 13/14 is expected to loosen significantly with improved US production prospects and projected burdensome world supplies limit exports.
  • Wheat – Neutral
    • The acreage projection of 56.5 million acres planted was slightly above the 55.8 million acres average estimate and the 55.7 million planted last year.
    • The domestic ending stocks are more than adequate at 631 million bushels with large world output.
http://usda01.library.cornell.edu/usda/current/Acre/Acre-06-28-2013.pdf  
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Atten Babler Risk Management LLC
11406 US Route 20 W
Galena, IL 61036
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