Corn area up 7%, soybeans up 1%, wheat down 7%

by Ron Sterk
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Corn planting chart
U.S. corn planted area

WASHINGTON — U.S. Department of Agriculture planted area estimates in its annual June 30 Acreage report came in above the average of trade expectations for corn and below the average for soybeans. The U.S.D.A. numbers were above the trade averages for all wheat, winter wheat, spring wheat and durum. In its quarterly Grain Stocks report, the U.S.D.A. June 1 estimates of corn and soybeans in all positions were above the trade averages and for all wheat was slightly below the average.

Soy complex futures traded sharply higher, corn futures were mostly lower and wheat futures were mixed but mostly up modestly immediately after the reports were released at 11:00 a.m. Central Daily Time. Key numbers from both reports follow.

Acreage

Corn planted area was estimated at 94.1 million acres, up 7% from 88 million acres in 2015 and the third highest on record. The average trade expectation was 92.759 million acres. Area for harvest was estimated at 86.6 million acres, up 7% from 80.7 million acres last year.

Soybean planted area was estimated at a record 83.7 million acres, up 1% from 82.7 million acres last year. The average trade expectation was 83.969 million acres. Area for harvest was estimated at 83 million acres, up 1% from 81.8 million acres in 2015.

All wheat planted area was estimated at 50.8 million acres, down 7% from 54.6 million acres last year. The average trade expectation was 49.732 million acres. Area for harvest in 2016 was estimated at 44.1 million acres, down 6% from 47.1 million acres a year ago.

Wheat planting chart
U.S. all wheat planted area.

Winter wheat area planted in 2015 for harvest in 2016 was estimated at 36.5 million acres, down 7% from 39.5 million acres last year but up 1% from the most recent estimate. The average trade expectation was 36.292 million acres. Area for harvest was estimated at 30.2 million acres, down 6% from 32.3 million acres in 2015.

Spring wheat other than durum planted area was estimated at 12.1 million acres, down 8% from 13.2 million acres last year. The average trade expectation was 11.640 million acres. Area for harvest was estimated at 11.8 million acres, down 9% from 12.9 million acres a year ago.

Durum planted area was estimated at 2,145,000 acres, up 11% from 1,936,000 acres last year. The average trade expectation was 1.994 million acres. Area for harvest was estimated at 2,082,000 acres, up 10% from 1,896,000 acres last year.

Planted area of bioengineered corn comprised 92% of the total corn planted area, unchanged from 92% in 2015. Bioengineered soybeans made up 94% of total soybean planted area, also unchanged from 94% last year.

Grain Stocks

Stocks of corn in all positions on June 1 totaled 4,722 million bus, up 6% from June 1, 2015. The average trade expectation was 4,528 million bus. On farm stocks of corn were 2,471 million bus, up 9% from a year ago, and off farm stocks were 2,251 million bus, up 3%. Indicated March-May disappearance of corn was 3.1 billion bus, down 6% from 3.3 billion bus in the same period a year earlier.

Soybean planting chart
U.S. soybean planted area

Soybean stocks in all positions were 870 million bus, up 39% from June 1, 2015, the U.S.D.A said. The average of trade expectations was 833 million bus. On-farm stocks were 281 million bus, up 14% from last year, and off-farm stocks totaled 589 million bus, up 55%. Indicated disappearance during March-May was 661 million bus, down 5% from the same period a year earlier.

Old crop all wheat stored in all positions on June 1 (the start of the 2015-16 marketing year for wheat) totaled 981 million bus, up 30% from June 1, 2015, the U.S.D.A. said. The average trade estimate was 982 million bus. On-farm stocks of wheat were 197 million bus, up 27% from last year, and off-farm stocks were 784 million bus, up 31%. Indicated March-May disappearance was 391 million bus, up 1% from the same period in 2015.

Durum stocks on June 1 were 27.9 million bus, up 9% from last year, with on-farm stocks at 12.2 million bus, up/down 19%, and off-farm stocks at 15.7 million bus, up 2%. Indicated durum disappearance during the March-May period was 14.7 million bus, up 22% from a year earlier. 

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