on Monday, July 1, 2019
By, Farm News Media
WASHINGTON, DC – Today’s USDA Acreage report threw the corn and soybean markets a curveball today, with acreage figures that ran opposite trader and producer expectations. The Chicago Board of Trade responded quickly, with nearby corn contract months closing down 19 to 21 cents, while soybean contracts made gains of 10 to 12 cents.
USDA’s National Agricultural Statistics Service (NASS) Acreage report estimated corn acres planted at 91.7 million acres, up 3 percent from 2018, while soybean acres were estimated 80.0 million acres of soybeans planted for 2019 — down 10 percent from last year.
Following up to the Prospective Plantings report released in late spring, NASS surveyed approximately 9,000 segments of land and 68,100 farm operators during the first two weeks of June to gather information on what farmers actually planted. Key findings released in the Acreage report include:
Growers expect to harvest 83.6 million acres of corn for grain, up 2 percent from last year.
Ninety-two percent of all corn acres planted in the United States are biotech varieties, unchanged from last year.
Soybean planted area for 2019 is estimated at 80.0 million acres, down 10 percent from 2018.
Producers planted 94 percent of the soybean acreage using herbicide resistant seed varieties, unchanged from 2018.
All wheat planted area for 2019 is estimated at 45.6 million acres, down 5 percent from last year. This represents the lowest all wheat planted area on record since records began in 1919.
NASS today also released the quarterly Grain Stocks report to provide estimates of on-farm and off-farm stocks as of June 1. Key findings in that report include:
Corn stocks totaled 5.20 billion bushels, down 2 percent from the same time last year. On-farm corn stocks were up 7 percent from a year ago, but off-farm stocks were down 12 percent.
Soybeans stored totaled 1.79 billion bushels, up 47 percent from June 1, 2018. On-farm soybean stocks were up 94 percent from a year ago, while off-farm stocks were up 26 percent.
All wheat stored totaled 1.07 billion bushels, down 2 percent from a year ago. On-farm all wheat stocks were up 58 percent from last year, while off-farm stocks were down 11 percent.
Durum wheat stored totaled 55.2 million bushels, up 58 percent from June 1, 2018. On-farm stocks of Durum wheat were up 74 percent from June 1, 2018. Off-farm stocks of Durum wheat were up from the previous year by 46 percent.
The Acreage and Grain Stocks reports and all other NASS reports are available online at www.nass.usda.gov.