Here's your summary from The 4 Big Surprises in the USDA’s June Report | Presented by CME Group (https://www.youtube.com/watch?v=feJADorL_Y4) on the Bloomberg Television channel:
**TLDR:** The USDA's June report revealed larger than expected corn acres, higher corn stocks, increased winter wheat seedings, and a significant jump in cotton acres.
1. Corn acres came in larger than expected at 91.5 million acres, adding 250 million bushels to production estimates.
2. Corn stocks from last year were 120 million bushels higher than expected, with producers holding 61% of the stocks in the country.
3. Winter wheat seedings are down 3 million acres year-over-year, but harvested acres are expected to be the highest in 8 years due to good weather in the Western Plains.
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