Highlights
At 11 AM Central Time today, the USDA will release its Actual Planted Acres, Quarterly Grain Inventory as of June 1st, and US Wheat Production.
Market expectations for today’s reports are that acres and stocks will be up. Corn acreage average expectation is at 90.3 million vs. 90 in March; bean acres are estimated at 86.75 million vs. 86.5 in March; spring wheat acres are estimated at 11.34 million, up slightly from March intentions of 11.335 million.
Markets were cleaning up July corn and soybeans longs ahead of first notice day. July corn ended the day back where March futures were on March first notice day. July beans are trading just above where May futures were at the end of April. July spring wheat is well below May first notice values but closed two days higher for the first time since May 23.