Corn Acres Lower, Soybeans Slightly Higher in USDA Acreage Report

USDA’s National Agricultural Statistics Service (NASS) estimated that 89.9 million acres of corn were planted this year in the U.S. According to last week’s USDA report, this amount is 4% lower than 2021. Soybean acreage is 1% higher over 2021 at 88.3 million acres. Cotton acres increased noticeably, up 11% from last year at 12.5 million acres.

Wheat is up 1% at 47.1 million acres – the 5th lowest all wheat planted area on record since 1919. On the grain stocks, corn totaled 4.35 billion bushels, 6% higher from one year ago, and on-farm corn stocks were 22% higher while off-farm corn stocks were 6% lower. Soybeans stored are 26% higher than June of last year at 971 million bushels, with on-farm storage a whopping 51% higher than last year, and off-farm soybeans stored are up 17% from last year.

Read more on USDA acreage reports and grain stocks here.