This morning the USDA released the Grain Stocks and Prospective Plantings reports. While corn and soybean stocks are down from 2010 levels, corn planted acreage is expected to be up. If the 92.2 million acres are realized, it will be the second-highest corn planted acreage since 1944, one spot behind 2007’s 93.5 million acres. If soybean planting intentions follow through, it will be the third-largest crop on record with an estimated 76.6 million acres.
Corn stocks in all positions on March 1, 2011 totaled 6.52 billion bushels, down 15% from March 1, 2010. Of the total stocks, 3.38 billion bushels are stored on farms, down 26% from a year earlier. Off-farm stocks, at 3.14 billion bushels, are down slightly from a year ago. The December 2010-February 2011 indicated disappearance is 3.53 billion bushels, compared with 3.21 billion bushels during the same period last year.
Corn growers intend to plant 92.2 million acres of corn for all purposes in 2011, up 5% from last year and 7% higher than in 2009. If realized, this will be the second-highest planted acreage in the U.S. since 1944, behind only the 93.5 million acres planted in 2007. Acreage increases of 250,000 or more are expected in Iowa, Kansas, Nebraska, North Dakota, Ohio and South Dakota. The largest decrease is expected in Texas, down 150,000 acres.