USDA corn acreage report well above trade estimates

News
Jul 5, 2013

USDA’s increase in corn acreage estimates in the much anticipated June Acreage reports surprised some analysts. According to the report, corn planted area for 2013 is estimated at 97.4 million acres, up slightly from last year, despite late planting from spring rains.

This represents the highest planted acreage in the U.S. since 1936 when an estimated 102 million acres were planted. Growers expect to harvest 89.1 million acres for grain, up 2 percent from last year.

Soybean planted area for 2013 is estimated at a record high 77.7 million acres, up 1 percent from last year. Area for harvest, at 76.9 million acres, is up 1 percent from 2012 and will be a record high, if realized. Record-high planted acreage is estimated in New York, Pennsylvania and South Dakota.

All wheat planted area for 2013 is estimated at 56.5 million acres, up 1 percent from 2012. The 2013 winter wheat planted area, at 42.7 million acres, is 3 percent above last year and up 2 percent from the previous estimate. Of this total, about 29.4 million acres are Hard Red Winter, 9.96 million acres are Soft Red Winter, and 3.38 million acres are White Winter. Area planted to other spring wheat for 2013 is estimated at 12.3 million acres, up slightly from 2012. Of this total, about 11.7 million acres are

Hard Red Spring wheat. The estimated Durum wheat planted area for 2013 is estimated at 1.54 million acres, down 28 percent from the previous year.

All cotton planted area for 2013 is estimated at 10.3 million acres, 17 percent below last year. Upland area is estimated at 10 million acres, down 17 percent from 2012. American Pima area is estimated at 226,000 acres, down 5 percent from 2012.

USDA also released its quarterly June 1 Grain Stocks report on June 28. Domestic corn stocks came in at 2.76 billion bushels, just slightly higher than the lowest pre-report estimate, and down 12 percent from June 1, 2012.

Of the total stocks, 1.26 billion bushels are stored on farms, down 15 percent from a year earlier. Off-farm stocks, at 1.50 billion bushels, are down 10 percent 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.

Soybeans stored in all positions on June 1, 2013, totaled 435 million bushels, down 35 percent from June 1, 2012. On-farm stocks totaled 171 million bushels, down 4 percent from a year ago. Off-farm stocks, at 263 million bushels, are down 46 percent from a year ago. Indicated disappearance for the March - May 2013 quarter totaled 564 million bushels, down 20 percent from the same period a year earlier.

Old crop all wheat stored in all positions on June 1, 2013, totaled 718 million bushels, down 3 percent from a year ago. On-farm stocks are estimated at 120 million bushels, up 7 percent from last year. Off-farm stocks, at 598 million bushels, are down 5 percent from a year ago. The March - May 2013 indicated disappearance is 516 million bushels, up 13 percent from the same period a year earlier.

Old crop Durum wheat stocks in all positions on June 1, 2013, totaled 23.5 million bushels, down 8 percent from a year ago. Onfarm stocks, at 13.6 million bushels, are down 11 percent from June 1, 2012. Off-farm stocks totaled 9.86 million bushels, down 4 percent from a year ago. The March - May 2013 indicated disappearance of 19 million bushels is up 84 percent from the same period a year earlier.

Old crop barley stocks in all positions on June 1, 2013, totaled 80.3 million bushels, up 34 percent from June 1, 2012. On-farm stocks are estimated at 15.8 million bushels, 64 percent above a year ago. Off-farm stocks, at 64.5 million bushels, are 28 percent above June 1, 2012.

The March - May 2013 indicated disappearance is 36.8 million bushels, 9 percent above the same period a year earlier.

Old crop oats stored in all positions on June 1, 2013, totaled 36.3 million bushels, 34 percent below the stocks on June 1, 2012. Of the total stocks on hand, 11.4 million bushels are stored on farms, 2 percent higher than a year ago. Off-farm stocks totaled 25 million bushels, 43 percent below the previous year. Indicated disappearance during March - May 2013 totaled 16.3 million bushels, compared with 19.8 million bushels during the same period a year ago.

Grain sorghum stored in all positions on June 1, 2013, totaled 39.1 million bushels, down 33 percent from a year ago. On-farm stocks, at 2.71 million bushels, are down 34 percent from last year. Offfarm stocks, at 36.4 million bushels, are down 33 percent from June 1, 2012. The March - May 2013 indicated disappearance from all positions is 52.4 million bushels, up 6 percent from the same period last year.

USDA’s National Agricultural Statistics Service (NASS) is suspending a number of statistical surveys and reports for the remainder of the fiscal year resulting from reduced funding. Suspended commodity programs impacting the Grain Stocks report are chickpeas, lentils, dry edible peas and Austrian Winter peas. Check the NASS website at www.nass.usda.gov for any future updates to these programs. — Traci Eatherton, WLJ Editor

{rating_box}