On June 30, USDA released its Acreage and June Quarterly Grain Stocks reports.
The Acreage report notes that for the 2022/23 crop year, farmers planted 88.3 million acres of soybeans, up 1% or 1.13 million acres, compared to 2021.
This is a significant decrease (2.6 million fewer planted acres) from the survey-based projections of the March Prospective Plantings Report.
Corn planted acres are reported to be 89.9 million acres, down 4% or 3.4 million acres from 2021, and an increase of about 431,000 acres from what was reported in March intended acres.
Wheat planted acres are reported at 47.1 million, up 1% from 2021 and a decrease of nearly 260,000 acres compared to the March Prospective Plantings report.
The acreage report for all four commodities indicates farmers planted about 2.3 million acres less than what was indicated in the March report.
The American Farm Bureau Federation (AFBF) noted in its latest Market Intel report that despite the market volatility, U.S. farmers indicate they are willing to step up to the challenge of record or near-record commodity production levels.
"Soybean planted acres are expected to reach their highest levels on record and wheat planted acres continue to increase year over year," noted the Market Intel.
"All of this to say, there will be more pressure than ever for farmers to deliver on these intentions with increased yields and minimal weather disasters."
AFBF notes the report indicates that farmers made small shifts to plant a few more acres of corn and cotton and pulled acres from soybeans and wheat, likely due to weather-related delays.
Quarterly Grain Stocks report
Corn stocks in all positions on June 1, 2022 totaled 4.35 billion bushels, up 6% from June 1, 2021. Of the total stocks, 2.12 billion bushels are stored on farms, up 22% from a year earlier.
Off-farm stocks, at 2.23 billion bushels, are down 6% from a year ago. The March - May 2022 indicated disappearance is 3.41 billion bushels, compared with 3.58 billion bushels during the same period last year.
Soybeans stored in all positions on June 1, 2022 totaled 971 million bushels, up 26% from June 1, 2021. On-farm stocks totaled 331 million bushels, up 51% from a year ago.
Off-farm stocks, at 640 million bushels, are up 17% from a year ago. Indicated disappearance for the March - May 2022 quarter totaled 960 million bushels, up
21% from the same period a year earlier.
Old crop all wheat stored in all positions on June 1, 2022 totaled 660 million bushels, down 22% from a year ago. On-farm stocks are estimated at 93.0 million bushels, down 34% from last year.
Off-farm stocks, at 567 million bushels, are down 19% from a year ago. The March - May 2022 indicated disappearance is 364 million bushels,
down 22% from the same period a year earlier.
Old crop Durum wheat stocks in all positions on June 1, 2022 totaled 21.2 million bushels, down 22% from a year ago. On-farm stocks, at 9.29 million bushels, are down 31% from June 1, 2021.
Off-farm stocks totaled 11.9 million bushels, down 14% from a year ago. The March - May 2022 indicated disappearance of 9.11 million bushels is down 39% from the same period a year earlier.
