Corn, Soybean Acreage, Stocks Drop
The much anticipated U.S. Planted Acreage report is out, and numbers were on point with estimates for the week with corn down from last year and soybeans up.
Soybean acres planted were expected to land between 83.8 and 86.3 million acres. The actual number in the report released today is 85.139 million acres. Forecasted harvest is estimated at 84.449 million acres, speculated to be lower due to loss of crops with the onslaught of precipitation as of late.
- Will it ever stop? See what July's weather outlook has in store.
"Corn planted area for all purposes in 2015 is estimated at 88.9 million acres, down 2% from last year. This represents the lowest planted acreage in the United States since 2010," says the report released Tuesday. "Soybean planted area for 2015 is estimated at a record-high 85.1million acres,up 2% from last year. Area for harvest, at 84.4million acres, is also up 2% from 2014 and will be record high, if realized. Record-high planted acreage is estimated in Kentucky, Minnesota, Ohio, Pennsylvania, and Wisconsin."
Wheat numbers were mixed across the board.
"All wheat planted area for 2015 is estimated at 56.1 million acres, down 1% from 2014. The 2015 winter wheat planted area, at 40.6 million acres, is down 4% from last year and down less than 1% from the previous estimate. Of this total, about 29.6 million acres are hard red winter, 7.61 million acres are soft red winter, and 3.44 million acres are white winter," the report adds. "Area planted to other spring wheat for 2015 is estimated at 13.5 million acres, up 4% from 2014. Of this total, about 12.6 million acres are hard red spring wheat. Durum planted area for 2015 is estimated at 1.95 million acres, up 40% from the previous year."
To see the full report, go to http://www.usda.gov/nass/PUBS/TODAYRPT/acrg0615.pdf
Stocks across the board are up -- corn up 15% from June 2014, soybean stocks up 54%, and wheat up 28%.
"Corn stocks in all positions on June 1, 2015, totaled 4.45 billion bushels, up 15% from June 1, 2014. Of the total stocks, 2.2 billion bushels are stored on farms, up 22% from a year earlier," states the Quarterly Stocks. "Off-farm stocks, at 2.17 billion bushels, are up 9% from a year ago. The March-May 2015 indicated disappearance is 3.30 billion bushels, compared with 3.16 billion bushels during the same period last year."
"Soybeans stored in all positions on June 1, 2015, totaled 625 million bushels, up 54% from June 1, 2014. On-farm stocks totaled 246 million bushels, up 126% from a year ago. Off-farm stocks, at 379 million bushels, are up 28% from a year ago. Indicated disappearance for the March-May 2015 quarter totaled 701 million bushels, up 19% from the same period a year earlier."
Full report: http://www.usda.gov/nass/PUBS/TODAYRPT/grst0615.pdf