The USDA is set to release acreage and stock reports, with traders anticipating small upgrades in planted acreage for most crops except cotton. Quarterly stocks for soybeans, wheat, and corn are expected to reach 2-, 3-, and 4-year highs, respectively, showing around a 20% increase compared to previous figures. Recent data suggests significant commodity price shifts, especially in corn, surpassing trade estimates.
#Corn + #Soybeans + #Wheat Continuous: 🌽🌱🌾 = Lowest since Nov 2020. Bearish trend continues to confirm & has since Mar 2023. https://t.co/wAJFdahM0L
USDA data leads to significant commodity price shifts – particularly in corn, with plantings exceeding the entire range of trade guesses. #oatt Follow along for more information from the June 28 Acreage and Grain Stocks reports. ⬇ https://t.co/2kU5iKJLxN
Quarterly Grain Stocks (M/bu) #Corn 🌽 4.993 Est 4.873 Last Yr 4.103 #Soybeans 🌱 0.970 Est 0.962 Last Yr 0.796 #Wheat 🌾 0.702 Est 0.684 Last Yr 0.570
#OATT | US USDA Quarterly Corn Stocks Q2: 4993M (prev 8347M) - Soybean Stocks: 970M (prev 1845M) - All Wheat Stocks: 702M (prev 1087M)
USDA's acreage and stock reports are due Friday, and traders expect small upgrades to the planted acreage except for cotton while quarterly stocks, if realised, would mean 2-, 3- and 4-year highs for #soybeans, #wheat and #corn respectively, all up around 20% compared with this… https://t.co/FjAnbtoYxV