USDA reports indicate tight corn stocks, high planted acres
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WASHINGTON, June 29, 2012- Farmers planted an estimated 96.4 million acres of corn this spring, up 5 percent from last year and the highest planted acreage in the United States since 1937 when an estimated 97.2 million acres were planted, according to a USDA report released today. Growers expect to harvest 88.9 million acres for grain, up 6 percent from last year.
The USDA report noted that soybean planted area for 2012 is estimated at 76.1 million acres, up 1 percent from last year and is the third highest on record. Area for harvest, at 75.3 million acres, is up 2 percent from 2011. Record high planted acreage is estimated in New York, North Dakota, and Pennsylvania, and the planted area in South Dakota ties the previous record high.
All wheat planted area is estimated at 56.0 million acres, up 3 percent from 2011. The 2012 winter wheat planted area, at 41.8 million acres, is up 3 percent from last year and up slightly from the previous estimate. Area planted to other spring wheat for 2012 is estimated at 12.0 million acres, down 3 percent from 2011.
All cotton planted area for 2012 is estimated at 12.6 million acres, 14 percent below last year.
Another USDA report indicated corn stocks are down 14 percent from last year, with a total 3.15 billion bushels. Of the total stocks, 1.48 billion bushels are stored on farms, down 12 percent from a year earlier. Off-farm stocks, at 1.67 billion bushels, are down 16 percent from a year ago.
Soybeans stocks, at 667 million bushels, are up 8 percent from June 2011. On-farm stocks totaled 179 million bushels, down 18 percent from a year ago. Off-farm stocks, at 488 million bushels, are up 22 percent from a year ago.
Wheat stocks, at 743 million bushels, are down 14 percent from a year ago. On-farm stocks and off-farm stocks are both down 14 percent from last year.
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