USDA Reports Summary

Farmers are expected to plant 92.8 million acres of corn this spring, up 4% from last year and recapturing the acreage title from soybeans for 2019.

USDA released its Quarterly Grain Stocks and Prospective Plantings report for 2019 on Friday.

Soybean acreage is projected at 84.6 million acres, a 5% drop from last year.

All-wheat acres were forecast at 45.8 million, down 4% from 2018. If this holds, it represents the lowest all-wheat acreage on record since USDA began keeping tally in 1919.

USDA’s acreage estimates were bearish for new-crop corn, bullish for new-crop soybeans and neutral for wheat, said DTN Lead Analyst Todd Hultman. USDA’s March 1 grain stocks estimates were neutral for corn and bearish for soybeans and wheat.

You can also access the full reports here:

— Prospective Plantings and Grain Stocks: https://www.nass.usda.gov/…

ACREAGE

Corn acreage, at 92.8 million acres, will rise 3.66 million from 2018 totals with 14 states increasing their corn acres from a year ago. North Dakota, Arkansas, Mississippi and Louisiana show the highest percentage of change in corn acres from a year ago as acreage overall increases 4%.

Soybean acreage, pegged at 84.6 million acres, will drop 4.58 million acres, according to USDA’s forecast. Acreage in Iowa will decline 600,000 acres, North Dakota will plant 400,000 fewer acres and Illinois will reflect a 300,000 acreage decline, USDA projects.

All-wheat planted acreage will be down 4% from a year ago. Winter wheat will be at 31.5 million acres, down 3% from last year. Of this total, 22.4 million acres are hard red winter wheat while 5.55 million acres are soft red winter wheat and 3.55 million acres are white winter wheat. Area planted to other spring wheat is projected at 12.8 million acres, down 3% from last year. Of that total, 12.4 million acres will be hard red spring wheat.

All cotton is projected at 13.8 million acres, down 2% from last year.

Of all principal crops, USDA projects total acreage will decline 4.23 million acres from 2018 with 313.35 million acres planted in total for corn, sorghum, oats, barley, rye, wheat, rice, soybeans, peanuts, sunflower, cotton, dry beans, chickpeas, potatoes, sugarbeets, canola and proso millet.

It should be noted the acreage survey occurred before the flooding in the Midwest hit this month, which is likely to affect acreage numbers in Nebraska, Iowa and Missouri.

QUARTERLY GRAIN STOCKS

USDA pegged corn ending stocks as of March 1 at 8.605 billion bushels, within the range of pre-report expectations, and down 3% from last year at this time. Stock usage from December 2018 through February 2019 was estimated at 3.33 billion bushels, down from 3.67 billion bushels in that time period last year.

Out of the corn ending stocks, USDA estimated that 5.131 billion bushels of corn were stored on farm, up 3% from a year ago, and 3.474 billion bushels were stored off farm, down 11% from last year at this time.

Soybean ending stocks as of March 1 were estimated at 2.716 billion bushels, within the range of pre-report expectations, and up 29% from last year at this time. Usage from December through February was pegged at 1.03 billion bushels, down 2% from last year.

USDA estimated that 1.27 billion bushels of soybeans were stored on farm, up 49% from a year ago, and 1.446 billion bushels were stored off farm, up 15% from last year at this time.

All-wheat ending stocks as of March 1 were pegged at 1.591 billion bushels, within the range of pre-report expectations. That’s a 6% increase from last year. USDA estimated that December-to-February usage reached 419 million bushels, 11% higher than last year.

USDA estimated that 368 million bushels of wheat were stored on farm, up 42% from a year ago, and 1.223 billion bushels were stored off farm, down 1% from last year at this time.

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Editor’s Note: Join DTN Analyst Todd Hultman at 12 p.m. CDT on Friday, March 29, for a look at what the day’s numbers mean for grain prices. To register, visit: https://dtn.webex.com/…

(BE/AG)

Source: DTN