USDA soybean revisions came in unchanged for both planted acreage and yield from May’s 84.6 and 49.5 respectively. This week’s crop progress report had planted acres at 60% complete vs 39% last week. The USDA lowered corn planted acres from 92.8 million acres to 89.8 million acres and dropped yield 10 bushels to 166.0. The drop in acres was expected and will probably continue to decrease with the June 28th report, but I believe the drop in yield was more than what most of the market expected for today. Yesterday’s crop progress report had planted acres at 83% complete vs last week’s 67%. USDA 19/20 ending stocks (in million bushels) came in at 1,675 vs average estimate 1,794 on corn, 1,045 vs average estimate 993 on beans, and 1,072 vs 1,107 average estimate on wheat.
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Soybeans Nov ’19 Daily Chart
