As we further digest Friday's USDA Ending Stocks and Planting Intentions report, one alternate perspective is the estimated 80 million acres of soybeans is down 10 percent from last year and the lowest soybean planted acreage in the United States since 2013. Compared to last year, acres planted to soybeans are down in all 29 reporting states.
Corn planted area came in at 91.7 million acres, three percent higher than last year. The all-wheat planted area for 2019 is estimated at 45.6 million acres, five percent lower than 2018. Cotton acreage is estimated at 13.7 million acres, down three percent from last year.
The Stocks Report shows a lot of old crop commodities in storage. Soybean stocks totaled 1.79 billion bushels, which were 47 percent higher than June 1 of 2018. On-farm soybean stocks came in at 207 million bushels, 58 percent higher than last year.
Corn stocks in all positions as of June 1 are 5.2 billion bushels, down two percent from last year. On-farm storage is 2.95 billion bushels, up seven percent from last year.
Old crop wheat storage estimates came in at 1.07 billion bushels, two percent lower than last year. However, on-farm wheat stocks were up 58 percent over last year, coming in at 207 million bushels.