Reduced Corn and Soybean Acreage Sends Grains Higher

The USDA released their highly anticipated June Acreage and Quarterly Grain Stocks Reports this afternoon. The USDA pegged corn and soybean acreage at 175.8 million acres versus its March estimate of 180.5 million.  Corn acreage was just over 92 million, well below the 96.99 million from the USDA March estimate.  Soybean acreage is seen at 83.82 million versus the March estimate of 83.51 million.  Somewhere along the way, the Ag community seems to have misplaced about five million acres of production.  

The reduction in corn planting pushed December corn futures 15.75 cents per bushel higher.  The acreage reduction could lead to a balance sheet decline of close to a half bushel per acre.  The weekly…