The United States Department of Agriculture’s National Agricultural Statistics Service (USDA, NASS) released its June 30 Acreage Report and the Quarterly Grain Stocks Report Thursday morning (June 30, 2016). Corn acres planted in the U.S. were revised up by more than 500,000 acres from March’s prospective plantings report with 94.148 million acres of corn estimated to have been planted this spring. Pre-report estimates were expecting a decrease in planted aces with an average expectation of 92.9 million acres. The USDA estimate came in higher than even the highest analyst expectation. Mississippi producers are estimated to have planted 720,000 acres of corn this year, a 41% increase from a year ago but about 80,000 acres fewer than the March estimate. Corn stocks on June 1 totaled 4.72 billion bushels, a 6% increase from a year ago and well above pre-report expectations of 4.528 billion bushels.
Soybean acres were also revised up by just over 800,000 acres from March’s estimates with U.S. producers estimated to have planted 83.037 million acres of soybeans. This came in well below the average pre-report estimate, but was still well within the range of expectations. Mississippi producers are estimated to have planted 2.05 million acres of soybeans this year, an 11% decrease from a year ago but about 50,000 acres more than the March estimate. Soybean stocks on June 1 totaled 870 million bushels, a 39% increase from a year ago and again well above pre-report expectations of 829 million bushels.
Wheat acres were also revised up by more than 1.2 million acres from March’s estimates with U.S. producers estimated to have planted 50.816 million acres of wheat. This came in well above the average pre-report estimate, but was still well within the range of expectations. Mississippi producers are estimated to have planted 80,000 acres of wheat this year, a 47% decrease from a year ago and 10,000 fewer acres than the March estimate. Wheat stocks on June 1 totaled 981 million bushels, a 30% increase from a year ago and very close to expectations.
Cotton acres were revised up by 461,000 acres from March’s estimates with U.S. producers estimated to have planted 10.023 million acres of cotton, a 17% increase from a year ago. Mississippi producers are estimated to have planted 450,000 acres of cotton this year, a 41% increase from a year ago and unchanged from the March estimate.
Rice acres were revised up by 148,000 acres from March’s estimates with U.S. producers estimated to have planted 3.212 million acres of rice, a 23% increase from a year ago. Mississippi producers are estimated to have planted 200,000 acres of rice this year, a 33% increase from a year ago and 20,000 fewer acres than the March estimate.
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