Farmers nationwide planted more corn and soybeans than expected, given the late planting season.
By Todd Gleason, University of Illinios Extension
USDA's June 28 Acreage report was a pretty big surprise. It showed farmers around the nation planted more corn and soybean acres than had been expected given the late start to the growing season—even more than the March Planting Intentions report had shown, says University of Illinois Ag Economist Darrel Good.
"I think the estimates will come down as we move through the next few months," Good says.
The Grain Stocks report, also released June 28, showed 2.76 billion bushels of corn on hand in the United States and 435 million bushels of soybeans as of June 1. The numbers can be forward-figured to give an idea of what will be left at the end of the marketing year.
So, they'll again have to tighten that up, based on this report, Good says.
The ending stocks figures will be updated July 11 with the release of the monthly World Agricultural Supply and Demand Estimates.
University of Illinois' Todd Gleason has the full report: