By Chris Clayton
DTN Ag Policy Editor
and
Emily Unglesbee
DTN Staff Reporter
WASHINGTON (DTN) -- Despite expectations in the grain trade that soybean planted acres would top corn acres this year, USDA on Friday pegged corn planting at 90.89 million acres with soybeans coming in at 89.51 million acres.
USDA released planted-acre estimates for major crops on Friday as well as quarterly grain stocks.
USDA's acreage estimates are bearish for new-crop corn prices and neutral for new-crop soybeans and wheat, said DTN Analyst Todd Hultman. USDA's grain stocks estimates were slightly bearish for corn and wheat, but slightly bullish for soybeans, he said.
For DTN's exclusive audio comments on today's reports, visit: http://listen.aghost.net/…
For USDA's full Acreage and quarterly Grain Stocks reports, visit: http://www.nass.usda.gov/…
GRAIN STOCKS
Quarterly corn stocks for June 1, 2017, came in at 5.225 billion bushels, the largest on record and 514 million bushels higher than a year ago. The March-May "disappearance" or use, was 3.4 billion bushels, up 290 million bushels from the same quarter last year.
Of the total corn stocks, 2.84 billion were stored on farms, up 15% from last year. Off-farm stocks were pegged at 2.38 billion bushels, up 6% from a year ago.
Soybean quarterly stocks totaled 963 million bushels, which was slightly below the pre-report average estimate. Total quarterly use from March to May was 775 million bushels, up 18% from last year.
The soybean stocks are up 11% from a year ago. On-farm stocks on June 1 were projected at 333 million bushels, up 18% from a year ago. Off-farm stocks were estimated at 631 million bushels, up 7% from a year ago.
All-wheat ending stocks were pegged at 1.18 billion bushels, which hit the high end of the pre-report estimates. Wheat stocks are up 21% from a year ago. Still, quarterly use for wheat was pegged 472 million bushels, up 19% from a year ago.
On-farm wheat stocks are projected at 192 million bushels, which is down 3% from last year. Off-farm stocks are pegged at 993 million bushels, up 28% from last year.
ACREAGE
Corn remains king at 90.89 million acres, up 890,000 acres from USDA's Prospective Plantings report in March. The corn acreage topped the high end of the pre-report estimates by 290,000 acres. Still, corn acreage is down 3.11 million acres from last year.
Soybeans don't capture the acreage crown, but come in at 89.51 million acres, which was 440,000 acres below the pre-report average estimate and just slightly above USDA's prospective planting projection. Still, the soybean plantings are a record and 7% higher than last year.
All-wheat planted acres came in at 45.66 million acres, the lowest all-wheat planted acres since USDA began keeping records in 1919. Winter wheat acres are pegged at 32.84 million acres, down 9% from last year, but right at the pre-report average estimate. Spring wheat acres are projected at 10.9 million acres, which also fell below analysts' expectations and USDA's prospective planting projection.
Cotton acreage is rebounding this year with planted area of 12.1 million acres, up 20% from last year. Upland cotton acres are estimated at 11.8 million acres, up 19% from a year ago.
Grain sorghum acres came in at 5.99 million, above pre-report expectations as well, but still down 11% from a year ago.
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Editor's Note: Join DTN Senior Analyst Darin Newsom at 12 p.m. CDT on Friday for a discussion of USDA's Acreage and quarterly Grain Stocks reports. Sign up now at: http://bit.ly/…
| QUARTERLY STOCKS (billion bushels) |
| 6/1/17 | Average | High | Low | 3/1/17 | 6/1/16 |
| Corn | 5.225 | 5.160 | 5.360 | 4.945 | 8.616 | 4.711 |
| Soybeans | 0.963 | 0.981 | 1.119 | 0.872 | 1.735 | 0.872 |
| Wheat | 1.184 | 1.154 | 1.185 | 1.050 | 1.655 | 0.976 |
| Grain Sorghum | 0.086 | 0.097 | 0.102 | 0.092 | 0.180 | 0.090 |
| ACREAGE (million acres) | USDA | USDA |
| 6/30/17 | Average | High | Low | 3/31/17 | Final 2016 |
| Corn | 90.89 | 89.82 | 90.60 | 89.00 | 90.00 | 94.00 |
| Soybeans | 89.51 | 89.95 | 91.00 | 88.90 | 89.48 | 83.43 |
| All Wheat | 45.66 | 46.05 | 47.40 | 45.70 | 46.06 | 50.15 |
| All Winter Wheat | 32.84 | 32.80 | 33.80 | 32.60 | 32.75 | 36.14 |
| Spring | 10.90 | 11.23 | 11.60 | 11.00 | 11.31 | 11.61 |
| Durum | 1.92 | 2.00 | 2.20 | 1.90 | 2.00 | 2.41 |
| Grain Sorghum | 5.99 | 5.81 | 5.90 | 5.70 | 5.78 | 6.69 |
(AG)
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