USDA quarterly stocks/acreage report out this morning as follows: CORN June 1 stocks 3.148 Bln, acreage at 96.4 Mln; BEANS June 1 stocks 667 Mln, acreage 76.1.
Stocks numbers mostly as expected, acreage numbers both higher than expected. So, we’re pretty much back to the weather. These report numbers this morning will be taken into account in the next monthly supply/demand report on July 11. Obviously the huge swing number is simply national yield numbers for both corn and beans, both of which should be lower than last month given the adverse weather.
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