by Katie Micik, DTN Markets Editor
WASHINGTON (DTN) — Farmers planted 84.8 million acres to soybeans this spring, an 11{0a3336b3da8cf935de4f3eb78fe29508c4b8b5ebd27d01af2d815614325d533e} increase from last year and a new record by more than 7 million acres, USDA said in its June Acreage report. USDA's acreage figure is 1.62 million acres higher than the highest pre-report estimate.
USDA trimmed corn acres slightly to 91.64 ma from its March planting estimate of 91.69 ma.
USDA also released the quarterly Grain Stocks report, which showed U.S. corn stockpiles at 3.85 billion bushels and soybean stockpiles at 405 million bushels, both within the range of pre-report expectations.
SOYBEANS
Compared with last year, planted acreage was increased or unchanged in all states but Oklahoma, which had a decline of 20,000 acres. USDA expects record acreage in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota and Wisconsin.
Iowa and Illinois are each expected to plant 10.1 million acres to soybeans this year.
Soybean stocks in all positions totaled 405.2 mb, down from 993.8 mb on March 1. That puts disappearance at 589 mb from March to May, up 4{0a3336b3da8cf935de4f3eb78fe29508c4b8b5ebd27d01af2d815614325d533e} from the same period last year. On-farm stocks totaled 109 mb while off-farm stocks totaled 296 mb.
The 405 mb was higher than the average trade guess at 387 mb, but lower than the highest estimate of 450 mb.
CORN
USDA estimate corn acreage, at 91.64 million acres, may be the smallest planted acreage since 2010, but it's still the fifth largest corn acreage since 1944. It's below the average pre-report estimate of 91.79 ma, but above the low of 91 ma.
Iowa farmers intend to plant 13.6 million acres to corn while Illinois farmers will plant 12 million acres. Nebraska farmers will plant 9.3 million acres to corn, USDA said.
Growers expect to harvest 83.8 million acres of that corn from grain, USDA said.
The grain stocks report showed 3.85 billion bushels of corn on hand, with 1.86 bb stored on farms while 1.99 bb is stored off farm. It was slightly above the average pre-report estimate. March to May disappearance was indicated at 3.15 bb compared to 2.63 bb during the same period last year.
WHEAT
USDA said farmers planted wheat on 56.47 million acres, higher than the range of pre-report estimates. Winter wheat planted acreage, at 42.3 ma, is down from last year but slightly higher than the previous estimate. Hard red winter wheat was planted on 30.4 million acres while soft red winter was planted on 8.5 million acres, and white winter wheat on 3.41 million acres.
USDA estimates spring wheat acres at 12.71 million, up 10{0a3336b3da8cf935de4f3eb78fe29508c4b8b5ebd27d01af2d815614325d533e} from 2013. Twelve million of those acres are expected to be planted to hard red spring wheat. Durum acres came in at 1.47 million.
Wheat stocks, at 590 million, came in within the range of pre-report estimates. Farmers hold 97 mb on farm while 493 mb are held in commercial storage. March to May disappearance totaled 467 mb, down 10{0a3336b3da8cf935de4f3eb78fe29508c4b8b5ebd27d01af2d815614325d533e} from the same period last year.
SORGHUM
Sorghum acreage and stocks both came in higher than the pre-report estimates.
USDA pegged sorghum acreage at 7.47 million acres, compared to the 6.65 million acre to 6.73 million acres pre-report trading range. USDA expects the increased acreage in Kansas and Texas. While higher than pre-report estimates, sorghum acreage is down from last year.
Sorghum stocks were pegged at 92 million bushels, 5 mb higher than the highest pre-report estimate.
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Posted with DTN Permission by Haylie Shipp
