"Shocker" Crop Report Sends Soybeans Spiking

WASHINGTON, D.C. (WJON News) - The latest crop report was described by many as a “shocker”.

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The National Agricultural Statistics Service released the June 30th Crop Acreage and Stocks Report, and it showed farmers planted far more acres of corn than anyone anticipated.

In Minnesota:

Planted corn was estimated at 8,400,000 acres, up 400,000 from last year.
Planted soybeans was estimated at 7,500,000 acres, up 50,000 acres from last year.
Planted potatoes were estimated at 45,000 acres, down from 47,000 acres last year.
Planted wheat (all varieties) was estimated at 1,140,000 acres down from 1,250,000 acres planted last year.

Nationwide, corn planting was up six percent while soybean planting is down five percent.

The soybean markets spiked both on the planting news, and the quarterly stocks report that showed soybean stocks are down 25 percent over last year at this time.

To read the complete report, find the report here.