Indiana Correspondent

WASHINGTON, D.C. — U.S. farmers were expected to plant record soybean acreage this year, while corn acreage was estimated to be down, according to the USDA, which released its latest acreage report Monday.

Soybean acreage was expected to be 84.8 million acres, up 11 percent from last year’s 76.5 million. The projected area for harvest – 84.1 million – is also up 11 percent and would be a record high by more than 7.4 million acres if those acres are realized, according to the USDA’s National Agricultural Statistics Service. Nine states, including Michigan and Ohio, could see record high planting.

Corn acreage was estimated to be 91.6 million acres, down 4 percent from last year’s 95.4 million. The number represents the fifth-highest corn acreage since 1944 but is the lowest planted acreage since 2010, NASS said.

All wheat acreage was estimated at 56.5 million acres, up from last year’s 56.2 million. For winter wheat, 42.3 million acres were planted, down 2 percent from last year’s 43.1 million.

USDA also released its update of grain stocks as of June 1.

Corn stocks were up 39 percent, from 2.8 billion bushels last year at this time to 3.85 billion this year. USDA reported a March-May disappearance of 3.15 billion bushels, up from last year’s 2.63 billion.

Soybean stocks were 405 million bushels, down 7 percent from last year’s 435 million.

The soybean disappearance from March-May was 589 million bushels, up 4 percent from the same period last year.

For old crop wheat, stocks were 590 million bushels, down 18 percent from last year’s 718 billion. Wheat had a March-May disappearance of 467 million bushels, down 10 percent.

The trade had been predicting a corn acreage number of closer to 89 million acres, said Jonah Ford, of Ceres Hedge. "We don’t know the yields yet, but it looks like we’re going to have a big crop with a lot of carryover," he said.

"As for soybeans, some in the trade were looking for a lot less than what USDA reported. It’s hard to justify $13-$14 beans when we’ve got 405 (million bushels) to get us through the next three months."

In Illinois, corn planted for all purposes totaled 12 million acres, unchanged from last year; Indiana, 6 million, unchanged; Iowa, 13.6 million, unchanged; Kentucky, 1.6 million, up from 1.5 million; Michigan, 2.55 million, down from 2.6 million; Ohio, 3.7 million, down from 3.9 million; and Tennessee, 880,000, down from 890,000.

For soybeans, Illinois farmers planted 10.1 million acres, up from 9.5 million last year; Indiana, 5.5 million, up from 5.2 million; Iowa, 10.1 million, up from 9.3 million; Kentucky, 1.7 million, up from 1.65 million; Michigan, 2.3 million, up from 1.9 million; Ohio, 4.95 million, up from 4.5 million; and Tennessee, 1.6 million, up from 1.56 million.

All wheat planted in Illinois totaled 750,000 acres, down from 875,000 last year; Indiana, 430,000, down from 470,000; Iowa, 35,000, up from 30,000; Kentucky, 630,000, down from 700,000; Michigan, 580,000, down from 630,000; Ohio, 620,000, down from 690,000; and Tennessee, 560,000, down from 610,000.