Midwest Farmers Pivot from Corn to Soybeans in Prospective Plantings ReportTue, 01 Apr 2014 05:06:31 CDT
American farmers expect to plant 3.7 million fewer acres of corn in 2014, a four percent decrease from 2013, according the U.S. Department of Agriculture's Prospective Plantings report released Monday. If realized, total corn plantings in the United States would total 91.7 million acres for the lowest planted acreage since 2010. Notably, it would still be the fifth-largest U.S. corn acreage planted since 1944.
"In 2013, U.S. farmers produced a record crop abundant enough to meet all needs and provide an ample carry over into 2014," National Corn Growers Association President Martin Barbre said. "While it is still early in the season and many factors may change the reality on the ground as planting progresses, the public can rest assured that bountiful stockpiles and adequate plantings will ensure our corn security for the year to come."
The USDA's estimate for 2014 is for 91.7 million acres to be planted in field corn. Assuming the five-year average 83.9 percent harvest rate holds and the projected trend yield of 159.4 bushels per acre is achieved, farmers will harvest 13.37 billion bushels.
Many acres planted to corn last year are headed to soybeans in 2014. Producers surveyed across the United States intend to plant an estimated 81.5 million acres of soybeans in 2014, up 6 percent from last year and an all-time record high. If realized, soybeans will surpass the previous record of 77.5 million acres planted in the United States set in 2009.
Planted acreage intentions for soybeans are up or unchanged in all states except Missouri and Oklahoma. The largest increase is expected in North Dakota with a record high 5.65 million acres, an increase of one million acres from 2013. If realized, the planted area of soybeans in Nebraska, New York, Pennsylvania, South Dakota and Wisconsin will also be the largest on record.
In the Grain Stocks report, also released on Monday morning, USDA shows corn stocks in all positions stood at more than seven billion bushels on March 1, 2014, up 30 percent from the same time last year. Both figures for on- and off-farm corn in storage stood higher than at this time last year, up 45 and 15 percent respectively. In total, USDA shows 3.45 billion bushels of corn used between December and February, compared with 2.63 over the same period in 2013.
Click here for the 2014 Prospective Plantings Report.
Click here for the March 31 Stocks Report from USDA.
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