Planted Acres of Soybeans Hits Record High- Corn Acres Drop Four Percent From 2013Mon, 30 Jun 2014 11:51:21 CDT
The USDA released a pair of market moving reports on Monday morning, with the Spring Acreage report clearly the headliner of the two, estimating that US farmers have planted a record number of soybean acres in 2014. USDA projected 84.8 million acres of soybeans have been planted in 2014, above the upper end of trade guesses. USDA said in the report that acres were "up 11 percent from last year. Area for harvest, at 84.1 million acres, is up 11 percent from 2013 and will be a record high by more than 7.4 million acres, if realized. Record high planted acreage is estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota, and Wisconsin."
The report also suggested that planting delays forced many acres from corn over to soybeans, with the final corn planting estimate of 91.6 million acres in line with what the pre report guesses were expecting. Regarding corn planting, USDA says "This represents the lowest planted acreage in the United States since 2010; however, this is the fifth largest corn acreage in the United States since 1944." The 2014 estimate was down four percent from last year's plantings.
Final wheat acreage numbers were slightly above the most optimistic analysts, with 56.5 million acres were planted to wheat for the 2014 crop year. "All wheat planted area for 2014 is estimated at 56.5 million acres, up less than 1 percent from 2013. The 2014 winter wheat planted area, at 42.3 million acres, is down 2 percent from last year but up less than 1 percent from the previous estimate. Of this total, about 30.4 million acres are Hard Red Winter, 8.50 million acres are Soft Red Winter, and 3.41 million acres are White Winter. Area planted to other spring wheat for 2014 is estimated at 12.7 million acres, up 10 percent from 2013. Of this total, about 12.0 million acres are Hard Red Spring wheat. The intended Durum planted area for 2014 is estimated at 1.47 million acres, down slightly from the previous year."
Click here for the National Spring Crops Acreage Report.
Meanwhile, the second of the two reports from USDA on Monday morning was the quarterly Grain Stocks report from the US Department of Agriculture- this report has a bearish overtone in its corn stocks number as of June first. According to the report, "Corn stocks in all positions on June 1, 2014 totaled 3.85 billion bushels, up 39 percent from June 1, 2013. Of the total stocks, 1.86 billion bushels are stored on farms, up 48 percent from a year earlier. Off-farm stocks, at 1.99 billion bushels, are up 32 percent from a year ago. The March - May 2014 indicated disappearance is 3.15 billion bushels, compared with 2.63 billion bushels during the same period last year.
Soybeans stored in all positions on June 1, 2014 totaled 405 million bushels, down 7 percent from June 1, 2013. On-farm stocks totaled 109 million bushels, down 36 percent from a year ago. Off-farm stocks, at 296 million bushels, are up 12 percent from a year ago. Indicated disappearance for the March - May 2014 quarter totaled 589 million bushels, up 4 percent from the same period a year earlier.
Old crop all wheat stored in all positions on June 1, 2014 totaled 590 million bushels, down 18 percent from a year ago. On-farm stocks are estimated at 97.0 million bushels, down 19 percent from last year. Off-farm stocks, at 493 million bushels, are down 18 percent from a year ago. The March - May 2014 indicated disappearance is 467 million bushels, down 10 percent from the same period a year earlier.
Grain sorghum stored in all positions on June 1, 2014 totaled 92.3 million bushels, up 125 percent from a year ago. On-farm stocks, at 4.50 million bushels, are up 66 percent from last year. Off-farm stocks, at 87.8 million bushels, are up 129 percent from June 1, 2013. The March - May 2014 indicated disappearance from all positions is 83.4 million bushels, up 65 percent from the same period last year.
Click here for the full report as released Monday morning, June 30th from USDA.
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