USDA Offers Corn Acreage Surprise in Mid Year Acreage ReportThu, 30 Jun 2016 21:24:56 CDT
USDA boosted corn acres above pre-report expectations to 94.15 million acres, up 7% from last year. Analysts say the corn acreage figure is one of the largest ever reported by USDA. Soybean acres also rose to 83.69 million acres, up 1% from last year. The corn acres were well above pre report expectations, while the soybean acres were in line with pre report guesses.
According to USDA- "The 2016 corn planted area for all purposes is estimated at 94.1 million acres, up 7 percent from last year and the third highest planted acreage since 1944. Growers expect to harvest 86.6 million acres for grain, up 7 percent from last year. If realized, this will be the third highest acres harvested for grain since 1933."
As for soybeans- "The 2016 soybean planted area is estimated at a record high 83.7 million acres, up 1 percent from last year. Compared with last year, planted acreage is up or unchanged in 18 of the 31 major producing States. Increases of 200,000 acres or more are anticipated in Kansas, Minnesota, and Missouri. Area for harvest, at 83.0 million acres, is up 1 percent from 2015 and will be a record high, if realized."
Quarterly grain stock estimates also blew past pre-report estimates, with USDA pegging corn stocks at 4.722 billion bushels as of June 1, up 6% from last year. Soybean stocks were estimated at 870 million bushels, up 39% from last year.
Wheat acreage also came in higher than expected, at 50.82 million acres. USDA pegged grain sorghum acres at 7.23 million acres.
Meanwhile, USDA lowered new-crop ending stocks for both corn and soybeans in the June World Agricultural Supply and Demand report released Friday.
New-crop corn ending stocks were pegged at 2.008 billion bushels, which was dropped 145 million bushels from last month's projection. That dropped the projected stocks-to-use ratio for the 2016-17 corn crop to 14.2%.
For the 2016-17 soybean crop, USDA dropped the ending stocks by 45 million bushels to 260 million bushels. That lowered soybean stocks-to-use for the new crop to 6.6%.
After the reports were released on Thursday morning, corn prices sank and soybean prices soared- new crop November soybeans jumped as much as 48 cents a bushel.
US Cotton acreage is substantially higher in 2016. USDA reports the "Area planted to cotton in 2016 is estimated at 10.0 million acres, up 17 percent from last year. Upland area is estimated at 9.82 million acres,up 17 percent from 2015. American Pima is estimated at 199,000 acres, up 26 percent from 2015."
Click here for the USDA Acreage report released on Thursday, June 30th.
Click here for the quarterly stocks report released at the same time on Thursday morning by USDA.
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