Corn futures posted double-digit gains Friday in the wake of bearish acreage and grain stocks reports. Soybeans and wheat also finished lower but with more modest losses.
Corn was pressured as the acreage report showed 91.475 million planted acres, up 1.44 million from the March planting intentions report and above the average pre-report trade guess. Meanwhile, the grain stocks report pegged nationwide corn stockpiles as of June 1 at 4.993 billion bu, up 890 million from last year and also above trade ideas. July dropped 16 ½ cents to $3.97 ¼, and December lost 13 cents to $4.20 ¾.
The grain stocks report was negative for soybeans as well, putting June 1 stocks at 970 million bu, up 174 million on the year and slightly above expectations. However, soybean planted area came in at 86.1 million acres, down 410,000 from March intentions and below trade ideas, which helped to keep losses in check. July beans slipped 1 ¾ cents to $11.50 ½, and November eased ¾ of a cent to $11.04.
The grain stocks report undermined wheat, putting June 1 old-crop stockpiles at 720 million bu, above the average trade estimate of 684 million and up 132 million from last year. On the other hand, all wheat acres across the US were tallied at 47.24 million acres, below trade expectations. July Chicago dropped 6 ¼ cents to $5.53 ½, July Kansas City fell 4 ½ cents to $5.87 ½, and July Minneapolis lost 2 ¼ cents to $6.13.
