Chris Clayton, DTN Ag Policy Editor
WASHINGTON (DTN) — Corn stocks were pegged at slightly more than 7 billion bushels in the USDA Quarterly Grain Stocks report on Monday, coming in just below the pre-report average but within the market range.
Soybean quarterly stocks came in at 992 million bushels, which is 3 million bushels above the pre-report average.
USDA also released its March Prospective Planting report that projected a record soybean crop of 81.5 million acres, which comes in close to the average pre-report forecasts. Farmers are expected to plant 4.97 million more soybean acres than in the 2013-14 crop.
USDA forecasts corn planting at 91.7 million acres. That's on the low end of the market projections and the smallest planted acreage since 2010. USDA estimates corn planting would drop 3.67 million from last year, a decline of about 4{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30}.
CORN
Corn stocks are 30{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} higher than a year ago. Farmers reported storing 3.86 billion bushels on-farm, up 45{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from last year. Off-farm stocks are pegged at 3.15 billion bushels.
As far as acreage, the biggest declines in corn plantings come from southern states, reflecting some of the shifts in acreage to crops such as soybeans and cotton. Of the largest corn-producing states, only Iowa shows a possible bump in planting intentions for corn, going to 14 million acres.
SOYBEANS
Soybean stocks are down just 1{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from a year ago with 382 million bushels projected to be stored on the farm, a decline of 16{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from a year ago. Off-farm stocks are projected at 610 million bushels, up 13{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from a year ago.
Planting intentions show major gains in nearly every major soybean-producing state. Reflecting the expanded planting areas for soybeans, North Dakota is projected to add 1 million soybean acres this spring.
WHEAT
Wheat stocks are projected at 1.05 billion bushels, slightly above the pre-report estimates, but down 15{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from a year ago. On-farm stocks are estimated at 238 million bushels while off-farm stocks are estimated at 818 million bushels.
All planted acreage for wheat also was pegged at 55.8 million acres, just above the pre-report estimates. That's down 1{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from 2013 numbers.
COTTON
Cotton acres are estimated at 11.1 million acres, up 7{75f28365482020b1dc6796c337e8ca3e58b9dd590dc88a265b514ff5f3f56c30} from last year.
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