According to the Grain Stocks report released by the USDA, corn stocks are down 12% and soybean stocks are down 35% from 2012. The Acreage report, also released today, puts corn planted acreage up slightly from 2012 and soybean planted acreage up 1% from last year.
Corn stocks in all positions on June 1, 2013 totaled 2.76 billion bushels, down 12% from June 1, 2012. Of the total stocks, 1.26 billion bushels are stored on farms, down 15% from a year earlier. Off-farm stocks, at 1.50 billion bushels, are down 10% from a year ago. The March-May 2013 indicated disappearance is 2.64 billion bushels, compared with 2.88 billion bushels during the same period last year.
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Soybeans stored in all positions on June 1, 2013 totaled 435 million bushels, down 35% from June 1, 2012. On-farm stocks totaled 171 million bushels, down 4% from a year ago. Off-farm stocks, at 263 million bushels, are down 46% from a year ago. Indicated disappearance for the March-May 2013 quarter totaled 564 million bushels, down 20% from the same period a year earlier.
Corn planted area for all purposes in 2013 is estimated at 97.4 million acres, up slightly from last year. This represents the highest planted acreage in the United States since 1936 when an estimated 102 million acres were planted. Growers expect to harvest 89.1 million acres for grain, up 2% from last year.
Soybean planted area for 2013 is estimated at a record high 77.7 million acres, up 1% from last year. Area for harvest, at 76.9 million acres, is up 1% from 2012 and will be a record high, if realized. Record-high planted acreage is estimated in New York, Pennsylvania and South Dakota.
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