December Corn back below $5 on Highest US Corn Acres since 2013

• September CBOT corn futures shed 96-1/4 cents this week to close at 488-1/2.
• December CBOT corn futures shed 93-1/4 cents this week to close at 494-3/4.
• In the month of June, December corn futures shed 26-1/2 cents.
• US corn stocks as of June 1^st were reported at 4.106 billion bushels, this was 243 million bushels lower than corn stocks as of June 1^st, 2022, and near the lower end of the range of pre-report estimates.
• US corn planted acres came in at 94.096 million acres, this is up 2.1 million acres from the March estimate, and 5.5 million acres higher than corn acres planted in 2022.
• December corn futures had a very volatile month of June trading above the $6 level last week and below the $5 level to end the month. The typical volatility of a weather market was compounded to end the month of June with today’s huge surprise to corn acres reported by the USDA. December corn futures have lost 21.3% in the last seven trading sessions.

November Soybeans Sharply Higher This Week.

• August CBOT soybean futures added 38 cents this week to close at 1442.
• November CBOT soybean futures added 33-1/4cents this week to close at 1343-1/4.
• In the month of June, November soybean futures added 196-3/4 cents. This was the best month for November soybeans since July of 2012.
• US soybean stocks as of June 1^st were pegged at 796 million bushels, this is 172 million bushels lower than soybeans on hand as of June 1^st, 2022, and was below the average estimate prior to the report.
• US soybean planted acres came in at 83.505 million acres, this was down 4 million acres from the March estimate, and 4 million acres lower than the soybean acres planted in 2022.
• Of the top ten producing states Illinois, Missouri and North Dakota saw some of the biggest reductions from their March intentions, North Dakota saw the biggest reduction from the March estimate to today’s number shedding 13.7%.

Wheat Lower This Week

• September CBOT wheat futures shed 95-1/2 cents this week to close at 651.
• September KCBOT wheat futures shed 61-3/4 cents this week to close at 800.
• September MGEX spring wheat futures shed 61 cent this week to close at 812-3/4.
• In the month of June December CBOT wheat futures added 42-1/2 cents.
• Total US wheat acres came in very close to pre-report expectations, winter wheat acres were on the low side of estimates while spring wheat acres were slightly above the range of estimates prior to the report.
• US wheat stocks as of June 1^st were pegged at 580 million bushels, this is 118 million bushels lower than wheat stocks on hand of June 1^st, 2022, and was below the average estimate prior to the report.

Milk Markets Mostly Higher

• While some months were higher today in Class III and IV, those gains only minimized weekly losses in the second half of 2023 for both classes.
• Spot markets found consistent buyers on the week, over 100 loads of cheese and 62 loads of whey were the leaders.
• April US milk production rose 0.61% year-over-year, while butterfat production was up 2.12% for the same time period.
• US dairy cow culling for the week ending June 17th, up 6.6% from the same week last year.