USDA Predicts Record #Soybean & More Corn Acres

USDAUSDA’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.

Brian Basting of Advance Trading, Inc. (ATI) analyzed the report on the MGEX Crop Conference Call. Listen to his analysis here: Acreage Report analysis by Brian Basting, ATI