U.S. Corn Acres Up From Last Year

Jul 02, 2021

In the report released on Wednesday, the United States Department of Agriculture (USDA) says:

Corn planted area for all purposes in 2021 is estimated at 92.7 million acres, up 2 percent or 1.87 million acres from last year. Compared with last year, planted acreage is expected to be up or unchanged in 28 of the 48 estimating States. Area harvested for grain, at 84.5 million acres, is up 2 percent from last year.

Soybean planted area for 2021 is estimated at 87.6 million acres, up 5 percent from last year. Compared with last year, planted acreage is up or unchanged in 28 of the 29 estimating States.

All wheat planted area for 2021 is estimated at 46.7 million acres, up 5 percent from 2020. This represents the fourth lowest all wheat planted area since records began in 1919. The 2021 winter wheat planted area, at 33.7 million acres, is up 11 percent from last year and up 2 percent from the previous estimate. Of this total, about 23.6 million acres are Hard Red Winter, 6.59 million acres are Soft Red Winter, and 3.50 million acres are White Winter. Area expected to be planted to other spring wheat for 2021 is estimated at 11.6 million acres, down 5 percent from 2020. Of this total, about 10.8 million acres are Hard Red Spring wheat. Durum planted area for 2021 is expected to total 1.48 million acres, down 12 percent from the previous year.

Click here to see more...

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!