USDA’s planted acreage report out Friday contained some surprising numbers for the trade.
The National Agricultural Statistics Service (NASS) estimates 89.6 million acres of soybeans planted in the United States for 2018, down 1 percent from last year, and corn area planted is estimated at 89.1 million acres, also down 1 percent from last year.
All cotton planted area for 2018 is estimated at 13.5 million acres, 7 percent above last year, and all wheat planted area for 2018 is estimated at 47.8 million acres, up 4 percent from last year.
NASS also released the quarterly Grain Stocks report Friday:
• Soybeans stored totaled 1.22 million bushels, up 26 percent from June 1, 2017. On-farm soybean stocks were up 13 percent from a year ago, while off-farm stocks were up 33 percent.
• Corn stocks totaled 5.31 billion bushels, up 1 percent from the same time last year. On-farm corn stocks were down 3 percent from a year ago, but off-farm stocks were up 7 percent.
• All wheat stored totaled 1.10 billion bushels, down 7 percent from a year ago. On-farm all wheat stocks were down 32 percent from last year, while off-farm stocks were down 2 percent.
• Durum wheat stored totaled 35.9 million bushels, down 1 percent from June 1, 2017. On-farm stocks of Durum wheat are down 19 percent from June 1, 2017. Off-farm stocks of Durum wheat were up from the previous year by 17 percent from a year ago.
Jack Scoville of The PRICE Futures Group provided commentary for the MGEX Crop Report Conference Call. “A very interesting report – farmers planted a lot more of everything than anybody thought,” said Scoville on the call. “Corn planted area…is well above the average trade guess – really above all trade guesses.”