6/30/2023

Report day had a massive surprise in order on planted acreage.  Corn acres were pegged at 94.096 Million vs the March estimate of 91.996 Million.  The average guess for this report was at 91.853 with a range of guesses from 91.0 - 93.0.  So we were well higher than the range of guesses even.  Corn stocks were pegged at 4.106 billion vs an average guess of 4.255 billion.  Corn finished the day down 34 cents on the higher acres number.  The bigger surprise though was in the bean acres.  The pegged planted bean acres at 83.505 Million vs the March estimate of 87.505.  4 Million acres of less bean planted!  WOW!  The average fuess for this report was 87.673 Million with a range of guesses from 88.5 - 87.0.  This was a shock to the market as it finished up 77 cents on the day.  Old crop bean stocks were 796 million vs an average guess of 812 million.  Beans are only 35 cents away from last weeks highs.  Bean oil finished the day locked limit higher on the news, so we will have expanded limits on Monday's trade in the soybean complex.  Observed precip in the I states over the next few days will be important as we get through the holiday weekend.  Have a good 4th of July Weekend!