Corn Futures Fall, Soybeans Climb After USDA Data

Corn futures fell toward their lowest settlement since early May, while soybean futures climbed toward a two-week high following Thursday's release of the U.S. Department of Agriculture's Grain Stocks and Acreage reports. U.S. corn stocks totaled 4.72 billion bushels on June 1, up 6% from the same time a year ago, the grain stocks report said. Soybean stocks totaled 870 million bushels, up 39% from a year ago. Meanwhile, the U.S. planted an estimated 94.1 million acres of corn this year, up 7% from last year, and 83.7 million acres of soybeans were planted, up 1% from last year, according to the acreage data. Market consensus estimates called for 92.8 million acres of corn and 83.9 million for soybeans, according to Cowen and Company. December corn traded at $3.72 a bushel, up 3%, and November soybeans traded at $11.48 a bushel, up 3.2%.