More corn, wheat in storage than beans, sorghum, USDA says

June 1 corn stocks were 5.225 billion bushels, soybean stocks were 963 million bushels, and wheat stocks were 1.184 billion bushels. Previous year they were 50.2 million wheat acres.Soybeans were higher due to less than expected stocks, wheat was higher due to spring wheat acres less than expected, corn was off the highs due to higher than expected stocks. If consumption remains near the current forecast of 14.3 billion bushels, and despite the smaller corn crop, ending stocks could be expected to increase during the 2017/18 marketing year. The estimate fell 402,000 bushels below what producers said they meant to plant as indicated in the Prospective Plantings report issued in March.The latest weekly US Drought Monitor, released on Thursday by a consortium of climatologists, showed “extreme drought” covering 25 percent of North Dakota, by far the top US spring wheat producer, up from about 8 percent a week ago. Total wheat acreage is estimated at 45.7 million acres, down 4.5 million acres from 2016, and the lowest level on record since 1919.Trader estimates had US corn acres at 89.9 million acres.Planted acreage of soybeans was estimated at a record 89.5 million acres, 31,000 acres higher than the March intentions and 250,000 acres below the average trade estimate.USA farmers made a less drastic shift to soybeans from corn than expected this year, according to official estimates that pushed oilseed prices higher on Friday.The most active wheat futures on the Chicago Board Of Trade edged up after a near-five percent gain in the previous session to hit $4.99 a bushel, its highest since June past year.The USDA forecast the all-wheat harvested area in 2017 at 38.115 million acres, down 5.775 million acres, or 13%, from 43.89 million acres in 2016. Traders are expecting soybean acres to exceed corn acres for the first time since 1983. Lower realized crop yields in the face of higher than anticipated corn acreage could work to improve corn prices above the forecasted range of $3.00 to $3.80 per bushel. Many portions of the Corn Belt (Illinois and Indiana) and the High Plains now have a large portion of the corn crop well below last year’s good-to-excellent ratings. CBOT July corn recently up 1% to $3.63 1/2/bu.CBOT July corn last up 4-1/4 cents at $3.64 per bushel. With corn and soybean conditions below those seen previous year, the price volatility in July and August could be swift and extreme.