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.