Corn futures are in free fall at midday, as the bears managed their way into USDA data, on larger stocks and acreage. Contracts are down 17 to 19 cents so far at midday, with wetness in the forecast not helping matters.  

USDA’s Acreage report from this morning showed 91.475 million planted acres of corn this spring across the US. That was a 1.44 million acre increase from the March Prospective Plantings report and 1.1 million acres above the average trade guess. NASS did cite 3.356 million acres left to be planted as of the survey date, wrapping up on June 16, the second largest for this report since they began reporting the data in 2020. 

Grain Stock data showed 4.993 bbu of corn stocks as of June 1, which is 890 mbu above a year ago. That was near the top end of the trade range of guesses of 5.013 bbu and 120 mbu larger than the average estimate.

Jul 24 Corn is at $3.94 3/4, down 19 cents,

Nearby Cash is at $3.84 3/8, down 18 cents,

Sep 24 Corn is at $4.03 1/2, down 19 cents,

Dec 24 Corn is at $4.16 1/4, down 17 1/2 cents,

New Crop Cash is at $3.80 5/8, down 19 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.