Farmers are expected to plant 92.8 million acres of corn this spring, up 4% from last year and recapturing the acreage title from soybeans for 2019 according today's USDA's Quarterly Grain Stocks and Prospective Plantings report for 2019.
USDA released its Quarterly Grain Stocks and Prospective Plantings report for 2019 on Friday.
Soybean acreage is projected at 84.6 million acres, a 5% drop from last year.
All wheat acres were forecast at 45.8 million, down 4% from 2018. If this holds, it represents the lowest all-wheat acreage on record since USDA began keeping tally in 1919.
USDA's acreage estimates are bearish for new-crop corn, bullish for new-crop soybeans and neutral for wheat, said DTN Lead Analyst Todd Hultman.
Corn stocks in all positions on March 1, 2019 totaled 8.60 billion bushels, down 3 percent from March 1, 2018 but 300 million bushels above the average trade guess. Of the total stocks, 5.13 billion bushels were stored on farms, up 3 percent from a year earlier. Off-farm stocks, at 3.47 billion bushels, are down 11 percent from a year ago. The December 2018 - February 2019 indicated disappearance is 3.33 billion bushels, compared with 3.67 billion bushels during the same period last year.
Soybeans stored in all positions on March 1, 2019 totaled 2.72 billion bushels, up 29 percent from March 1, 2018. Soybean stocks stored on farms are estimated at 1.27 billion bushels, up 49 percent from a year ago. Off-farm stocks, at 1.45 billion bushels, are up 15 percent from last March. Indicated disappearance for the December 2018 - February 2019 quarter totaled 1.03 billion bushels, down 2 percent from the same period a year earlier.
All wheat stored in all positions on March 1, 2019 totaled 1.59 billion bushels, up 6 percent from a year ago. On-farm stocks are estimated at 368 million bushels, up 42 percent from last March. Off-farm stocks, at 1.22 billion bushels, are down 1 percent from a year ago. The December 2018 - February 2019 indicated disappearance is 419 million bushels, 11 percent above the same period a year earlier.
Durum wheat stocks in all positions on March 1, 2019 totaled 74.1 million bushels, up 50 percent from a year ago. On-farm stocks, at 40.6 million bushels, are up 57 percent from March 1, 2018. Off-farm stocks totaled 33.5 million bushels, up 41 percent from a year ago. The December 2018 - February 2019 indicated disappearance of 9.46 million bushels is 45 percent above the same period a year earlier.
Barley stocks in all positions on March 1, 2019 totaled 121 million bushels, down 7 percent from March 1, 2018. On-farm stocks are estimated at 46.2 million bushels, 5 percent below a year ago. Off-farm stocks, at 75.1 million bushels, are 8 percent below March 2018. The December 2018 - February 2019 indicated disappearance totaled 31.4 million bushels, 9 percent above the same period a year earlier.
Oats stored in all positions on March 1, 2019 totaled 50.2 million bushels, 9 percent below the stocks on March 1, 2018. Of the total stocks on hand, 18.1 million bushels were stored on farms, up 5 percent from a year ago. Off-farm stocks totaled 32.2 million bushels, down 15 percent from the previous year. Indicated disappearance during December 2018 - February 2019 totaled 17.1 million bushels, 48 percent above the same period a year ago.