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USDA Reports Provide Early Fireworks

June 29, 2013
By: Sara Schafer, Farm Journal Media Business and Crops Editor
Fireworks
  

Jerry Gulke says Friday’s USDA reports provided some new information for farmers, but not much support for higher grain prices.

USDA’s June Acreage and Grain Stocks reports have traditionally been a market-mover. And, after one of the wettest planting seasons in recent history, all eyes were on the government’s estimates.

Friday’s reports were not short on surprises. Here are the highlights:

Acreage Report

  • Corn: 97.379 million acres, up slightly from 2012 and increased from USDA’s March expectation of 97.282 million acres
  • Soybeans: 77.728 million acres, up 1% from 2012 and increased from USDA’s March expectation of 77.126 million acres
  • All Wheat: 56.530 million acres, up 1% from 2012 and increased from USDA’s March expectation of 56.440 million acres
  • All Cotton: 10.251 million acres, down 17% from 2012 and up from USDA’s March expectation of 10.026 million acres

 

Quarterly Grain Stocks Report

  • Corn: 2.764 billion bushels, down 12% from June 2012
  • Soybeans: 435 million bushels, down 35% from June 2012
  • All Wheat: 718 million bushels, down 3% from June 2012

 

See full coverage of the June 28 USDA reports.

On Friday, December 2013 corn put in a new low of $5.10.

Dec 2013 corn

Jerry Gulke, president of the Gulke Group, says this set of reports show grain prices could continue their trip downward.

"We don’t need a big crop this year," he says. "Now you just have to run the numbers. At what point will we not produce enough corn to meet demand?" He says, as of now, you just can’t reduce the corn crop enough. "There’s some good corn growing out there."

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