USDA’s National Agricultural Statistics Service (NASS) planted acreage report for this year estimates record soybean plantings and increased corn acres over last year. The report estimates U.S. soybean planted area at a record high 83.7 million acres, up 1 percent from last year, while corn growers increased their acreage from last year by 7 percent to 94.1 million acres, making it the third highest corn planted acreage since 1944.
NASS today also released the quarterly Grain Stocks report to provide estimates of on-farm and off-farm stocks as of June 1. According to this report, there are 4.72 billion bushels of corn stored in the United States, up 6 percent from June 1, 2015. Of these, 2.47 billion bushels are stored on farms, and 2.25 billion bushels are off-farms.