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USDA Reports Summary 03/28 11:18
USDA Estimates Farmers Will Plant 90M Corn Acres, 86.5M Soybean Acres This
Year
USDA on Thursday released its Prospective Plantings and quarterly Grain
Stocks reports.
By DTN Staff
This article was originally published at 11:03 a.m. CDT on Thursday, March
28. It was last updated with additional information at 11:17 a.m. CDT on
Thursday, March 28.
**
OMAHA (DTN) -- USDA sees producers planting 90.0 million acres of corn and
86.5 million acres of soybeans this year, in USDA's prospective plantings
report released on Thursday.
USDA on Thursday released its Prospective Plantings and quarterly Grain
Stocks reports.
Stay tuned throughout the morning and refresh this page often, as we will be
sending a series of updates with the important highlights from today's reports,
including commentary from our analysts.
You can also access the full reports here:
-- Prospective Plantings and Grain Stocks: https://www.nass.usda.gov/
DTN Senior Analyst Todd Hultman sees USDA's planting estimates as bullish
for new-crop corn, neutral for new-crop soybeans and new-crop wheat. USDA's
grain stocks estimates were slightly bullish for corn, neutral for soybeans and
slightly bearish for wheat, he said.
PROSPECTIVE PLANTINGS
Corn planted area in 2024 is estimated at 90.0 million acres, down 5%, or
4.61 million acres, from last year. That's far below pre-report estimates.
Compared with last year, planted acreage is expected to be down or unchanged
in 38 of the 48 estimating states.
Soybean planted area for 2024 is estimated at 86.5 million acres, up 3% from
last year and slightly above pre-report estimates. Compared with last year,
planted acreage is up or unchanged in 24 of the 29 estimating states.
All wheat planted area for 2024 is estimated at 47.5 million acres, down 4%
from 2023 for comparable states.
The 2024 winter wheat planted area, at 34.1 million acres, is down 7% from
last year and down 1% from the previous estimate for comparable states.
Of this total, about 24.3 million acres are hard red winter, 6.26 million
acres are soft red winter, and 3.59 million acres are white winter.
Area expected to be planted to other spring wheat for 2024 is estimated at
11.3 million acres, up 1% from 2023. Of this total, about 10.7 million acres
are hard red spring wheat. Durum planted area for 2024 is expected to total
2.03 million acres, up 22% from the previous year for comparable states.
All cotton planted area for 2024 is estimated at 10.7 million acres, up 4%
percent from last year. Upland area is estimated at 10.5 million acres, up 4%
from 2023. American Pima area is estimated at 203,000 acres, up 38% from 2023.
On sorghum, USDA said farmers intend to plant 6.395 million acres this year,
an 11% drop from last year.
QUARTERLY GRAIN STOCKS
Corn stocks in all positions on March 1, 2024, totaled 8.347 billion bushels
(bb), up 13% from March 1, 2023. Of the total stocks, 5.08 billion bushels were
stored on farms, up 24% from a year earlier. Off-farm stocks, at 3.268 billion
bushels, were down 1% from a year ago. The December 2023-February 2024
indicated disappearance, or usage, is 3.82 billion bushels, compared with 3.42
billion bushels during the same quarter last year.
Soybeans stored in all positions on March 1, 2024, totaled 1.845 billion
bushels, up 9% from March 1, 2023. Soybean stocks stored on farms are estimated
at 933 million bushels, up 24% from a year ago. Off-farm stocks, at 912 million
bushels, are down 3% from last March. Indicated disappearance for the December
2023-February 2024 quarter totaled 1.16 billion bushels, down 13% from the same
period a year earlier.
All wheat stored in all positions on March 1, 2024, totaled 1.087 billion
bushels, up 16% from a year ago. On-farm stocks are estimated at 271.9 million
bushels, up 20% from last March. Off-farm stocks, at 815.5 million bushels, are
up 14% from a year ago. The December 2023-February 2024 indicated disappearance
is 334 million bushels, 10% below the same period a year earlier.
**
Join us at 12:30 p.m. CDT on Thursday for a DTN webinar discussing USDA's
latest numbers and what they mean to markets. Given the history of USDA's
March-end reports, we have to warn that big price moves could follow. Replay
links will be provided for viewing at your convenience. Register now at:
https://ag.dtn.com/24-ag-grain-stocks-wbr
QUARTERLY STOCKS (million bushels)
3/1/24 Avg High Low 12/1/23 3/1/23
Corn 8,347 8,439 8,700 8,129 12,169 7,396
Soybeans 1,845 1,832 1,986 1,740 3,000 1,687
Wheat 1,087 1,053 1,081 997 1,410 941
PROSPECTIVE PLANTINGS
ACREAGE (million acres) USDA
3/28/24 Avg High Low 2023
Corn 90.0 92.0 93.8 90.0 94.6
Soybeans 86.5 86.3 88.0 84.3 83.6
All Wheat 47.5 47.7 50.0 46.6 49.6
Winter 34.1 35.1 38.4 34.0 36.7
Spring 11.3 10.9 11.3 10.1 11.2
Durum 2.0 1.7 1.9 1.1 1.7
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