The USDA’s June 30 Acreage Report pegged planted corn acreage in the U.S. at 89.9 million acres this year, up slightly from the 89.5 million acres projected in the March 31 Prospective Plantings report (GM April 1, p. 1) but down 4%, or 3.44 million acres, from last year.
The slight uptick in corn acreage came at the expense of soybeans. Soybean planted area for 2022 was estimated at 88.3 million acres, down sharply from the March Prospective Plantings estimate of 91.0 million acres, but up 1% from last year and still the third largest crop on record.
Compared with last year, USDA said planted soybean acreage is up or unchanged in 24 of the 29 reporting states, while planted corn acreage is down or unchanged in 35 of the 48 reporting states. States including Minnesota and Wisconsin saw robust jumps in corn acres versus the intended planting estimates from March, but North Dakota had a 17% drop in planned acreage due to wet weather during planting.
Chicago corn fell to its lowest level since early February after the report’s release, Bloomberg reported. Most-active corn ended the day down 5.2% at $6.1975 a bushel, with the futures ending June with their steepest monthly decline since 2011. Soybeans settled 1.4% lower at $14.58 a bushel, its biggest monthly drop in four years, Bloomberg reported.
All wheat planted area for 2022 was estimated at 47.1 million acres, down from the March estimate of 47.4 million acres, but up 1% from 2021. If realized, USDA said this represents the fifth lowest all wheat planted area since records began in 1919. All cotton planted area for 2022 was estimated at 12.5 million acres, up 11% from last year and also rising from the March estimate of 12.2 million acres.
USDA signaled that more revisions may be coming later in the season. In a special note within the report, it said some farmers turned in surveys even though planting wasn’t completed by mid-June. The agency said it is collecting additional data on crops – including corn, soybeans, wheat, and canola – that will be published in August.
USDA’s National Agricultural Statistics Service (NASS) also released its quarterly Grain Stocks report on June 30. Corn stocks as of June 1, 2022, totaled 4.35 billion bushels, up 6% from the same time last year; soybeans stored totaled 971 million bushels, up 26% from last year; and all wheat stored totaled 660 million bushels, down 22% from a year ago.
The wheat stockpiles estimate was higher than the Bloomberg survey’s average of 655 million bushels. Soybean and corn quarterly stocks came in a tad higher than expected as well. Chicago wheat futures for September tumbled 4.9% to $8.84 a bushel, Bloomberg reported, the lowest since late February.