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Rabobank’s assessment of the USDA’s 29 June Acreage and Grain Stocks reports
The USDA Acreage and Grain Stocks report were both relatively neutral, which will leave markets continuing to trade on drought conditions in the US. Acreage estimates were raised for grains and oilseeds from the March Prospective Plantings report, but the market is far more focused on weather conditions and the potential impact to final yields. Grain stocks were roughly in-line with trade estimates showing no surprise to current season demand expectations.
