Looking at the USDA acreage and grain stocks reports

The U.S. will have more corn acres than any year since 1937.  USDA’s Planted Acreage report released Friday morning puts corn acres at 96.4 million—up from the 95.9 million in the March intentions report.  Soybean planted acreage for 2012 is estimated at 76.1 million acres, up 1 percent from last year and is the third highest on record.  All wheat planted area is estimated at 56.0 million acres, up 3 percent from 2011.

The 96.405 million acres of corn planted this year compares to the 95.962 million anticipated by the market. Harvested acres are expected to be 88.8 million.  The USDA’s Acreage report did not address yield or total production.  However, more acres, despite the drought, would soften the decline in production resulting from the dry weather.

least that is the intention of farmers surveyed by USDA in early March as statisticians assembled the 2012 Planting Intentions Report.  In brief, corn acreage will be at 95.9 million, which is up 4% from last year.  Soybean acres will be declining by 1% from last year to 73.9 million.  Wheat acres are up 3% from last year to 55.9 million.  Some of the extra acres are coming at the expense of cotton which will be down 11% from 2012.

In 1937, US farmers planted more than 97 million acres of corn by all estimates, and 2012 acres will encroach on that, by intending to plant 95.864 million.  That was the 2012 Planted Acres Report from USDA Friday morning.
Within the Cornbelt, Illinois farmers planted 13 million acres—a half million more than the Intentions report indicated in March.  And Iowa farmers planted 14 million, down from the 14.1 million reported in March.

USDA also reported, “Planted acreage is up in most States compared to last year due to expectations of better net returns in 2012 compared to other commodities. Record corn acreage is estimated in Idaho, Minnesota, Nevada, North Dakota, Oregon, and South Dakota. Growers expect to harvest 88.9 million acres for grain, up 6 percent from last year. Farmers responding to the survey indicated that over 99 percent of the intended corn acreage had been planted at the time of the interview compared with the 10-year average of 98 percent.”

Cornbelt state estimated acres compared to 2011:

• Illinois-13 million—up from 12.6 million
• Indiana-6.2 million—up from 5.9 million
• Iowa-14.1 million—up from 14.0 million
• Michigan-2.6 million—up from 2.5 million
• Minnesota-8.7 million-up from 8.1 million
• Missouri-3.6 million—up from 3.3 million
• Nebraska-9.9 million—up from 9.85 million
• North Dakota-3.4 million—up from 2.23 million
• Ohio-3.9 million—up from 3.4 million
• South Dakota-6.0 million—up from 5.2 million
• Wisconsin-4.35 million—up from 4.15 million

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