USDA reports record high soybean acreage, corn acres down

USDA surprises trade with a significantly higher soybean acreage number than anticipated.

The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) estimated a record high 84.8 million acres of soybeans planted in the United States for 2014, up 11% from last year, according to the Acreage report released today. Corn acres planted is estimated at 91.6 million acres, down 4% from last year, representing the lowest planted acreage in the United States since 2010.

Following up to the Prospective Plantings report released in late spring, NASS surveyed approximately 11,000 segments of land and 71,000 producers during the first two weeks of June to gather information on what farmers actually planted. Key findings released in the Acreage report include:

•    Soybean area for harvest is estimated at a record high 84.1 million acres, if realized, up 7.4 million acres (11%) from 2013.
•    Record high planted acreage is estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota and Wisconsin.
•    Ninety-four percent of all planted acres of soybeans in the United States are biotech varieties, up from 93% last year.

•    Despite the decrease in corn acreage, the 2014 corn planted area still represents the fifth largest corn acreage in the United States since 1944.
•    Growers expect to harvest 83.8 million acres of corn for grain, down 4% from last year.
•    Ninety-three percent of all corn acres planted in the United States are biotech varieties, up from 90% in 2013.

Grain Stocks

•    Soybeans stored totaled 405 million bushels, down 7%t from June 1, 2013. On-farm soybean stocks were down 36% from a year ago, while off-farm stocks were up 12%.
•    Corn stocks totaled 3.85 billion bushels, up 39% from the same time last year. On-farm corn stocks were up 48% from a year ago, and off-farm stocks were up 32%.
•    All wheat stored totaled 590 million bushels, down 18% from a year ago. On-farm all wheat stocks were down 19% from last year, while off-farm stocks were down 18%.
•    Durum wheat stored totaled 21.5 million bushels, down 7% from June 1, 2013. Both on-farm and off-farm stocks of Durum wheat were down from the previous year, 6% and 8%, respectively.

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