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USDA released their monthly supply and demand report at noon and offered no surprises as markets traded unchanged within 20 minutes of the report. Still in question however is their acreage numbers for corn and soybeans. Today’s acreage numbers reflected their June 28th so-called Final Planted Acreage report, 91.7 million acres for corn and 80 million acres for soybeans. Analysts mostly agree that because those numbers were based on surveys prior to when final planting decisions were completely made, they are likely askew. USDA will re-survey all states and update final planted acreage in their August S/D report.
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