USDA Reports Summary

By DTN Staff

This article was originally published at 11:15 a.m. CDT on Friday, June 28. It was last updated with additional information at 11:39 a.m. CDT on Friday, June 28.

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OMAHA (DTN) -- Farmers planted 91.5 million acres of corn and 86.1 million acres of soybeans with both coming in slightly higher than USDA's forecast in March.

Corn grain stocks on June 1 were pegged at 4.99 billion bushels and soybeans came in at 970 million bushels.

USDA on Friday released its Acreage report and quarterly Grain Stocks estimates. The reports, which were scheduled for release at 11 a.m. CDT, were delayed by several minutes due to a system failure at the National Agricultural Statistics Service (NASS).

USDA's acreage estimates are bearish for new-crop corn and slightly bullish for new-crop soybeans and U.S. wheat, said DTN Lead Analyst Todd Hultman. USDA's grain stocks estimates were bearish for corn and neutral for soybeans and wheat, he said.

You can also view the full reports here:

-- Acreage and Grain Stocks: https://www.nass.usda.gov/…

ACREAGE

USDA estimated corn planted acreage at 91.5 million acres, above the high end of pre-report estimates. USDA said 3.36 million still needs to be planted. This is the eighth-highest corn planting since 1944. Area harvested for grain is pegged at 83.4 million acres, down 4% from last year.

On soybeans, USDA forecasts acreage at 86.1 million, up 3% from 2023. That's at the low end of pre-report expectations. Of that, 12.8 million are not yet planted.

Wheat acreage is estimated at 47.2 million acres, down 5% from last year. Winter wheat planted area, at 33.8 million acres, is 8% lower than last year. Of this, 24.1 million acres are hard red winter wheat, 6.14 million acres are soft red winter, and 3.59 million acres are white winter wheat. Spring wheat acreage is forecast at 11.3 million, up 1% from 2023. Of this, 10.6 million are hard red spring wheat, while durum accounts for 2.17 million.

Cotton acreage climbed 14% from last year to 11.7 million acres.

QUARTERLY GRAIN STOCKS

Corn stocks in all positions on June 1, 2024, totaled 4.99 billion bushels, up 22% from June 1, 2023. Of the total stocks, 3.03 billion bushels are stored on farms, up 37% from a year earlier. Off-farm stocks, at 1.97 billion bushels, are up 4% from a year ago. The March-May 2024 indicated disappearance is 3.36 billion bushels, compared with 3.29 billion bushels during the same period last year.

Soybeans stored in all positions on June 1, 2024, totaled 970 million bushels, up 22% from June 1, 2023. On-farm stocks totaled 466 million bushels, up 44% from a year ago. Off-farm stocks, at 504 million bushels, are up 6% from a year ago. Indicated disappearance for the March-May 2024 quarter totaled 875 million bushels, down 2% from the same period a year earlier.

Old-crop all wheat stored in all positions on June 1, 2024, totaled 702 million bushels, up 23% from a year ago. On-farm stocks are estimated at 139 million bushels, up 12% from last year. Off-farm stocks, at 563 million bushels, are up 27% from a year ago. The March-May 2024 indicated disappearance is 387 million bushels, up 4% from the same period a year earlier.

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Join us for DTN's post-report webinar at 12:30 p.m. CDT on Friday, June 28, as we examine and discuss USDA's latest estimates. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Friday's Acreage and Grain Stocks report webinar: https://www.dtn.com/….

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