The USDA released the Grain Stocks and Acreage reports on June 30. Data showed that corn stocks are up nearly 40% from last year. Soybean stocks, however, are down 7% from 2013. The Acreage report showed the lowest corn planted acreage since 2010. Soybean planted acreage is up 11% over 2013.
Corn stocks in all positions on June 1, 2014 totaled 3.85 billion bushels, up 39% from June 1, 2013. Of the total stocks, 1.86 billion bushels are stored on farms, up 48% from a year earlier. Off-farm stocks, at 1.99 billion bushels, are up 32% from a year ago. The March-May 2014 indicated disappearance is 3.15 billion bushels, compared with 2.63 billion bushels during the same period last year.
Soybeans stored in all positions on June 1, 2014 totaled 405 million bushels, down 7% from June 1, 2013. On-farm stocks totaled 109 million bushels, down 36% from a year ago. Off-farm stocks, at 296 million bushels, are up 12% from a year ago. Indicated disappearance for the March-May 2014 quarter totaled 589 million bushels, up 4% from the same period a year earlier.
Corn planted area for all purposes in 2014 is estimated at 91.6 million acres, down 4% from last year. This represents the lowest planted acreage in the United States since 2010; however, this is the fifth largest corn acreage in the United States since 1944.
Soybean planted area for 2014 is estimated at a record high 84.8 million acres, up 11% from last year. Area for harvest, at 84.1 million acres, is up 11% from 2013 and will be a record high by more than 7.4 million acres, if realized. Record-high planted acreage is estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota and Wisconsin.
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