NAFB News Service
USDA released its Prospective Plantings report showing producers are planting more corn and soybean acres than last year.
Farmers intend to plant 92 million acres of corn, up four percent from last year. Soybean growers intend to plant 87.5 million acres this year, up slightly from last year.
The all-wheat planted area is estimated at 49.9 million acres, up nine percent from 2022. Winter wheat planted estimates are 37.5 million acres, 13 percent higher than in 2022. Spring wheat acres are expected to reach 11.3 million, 18 percent below last year.
All-cotton planted acres are expected to total 11.3 million acres, 18 percent lower than in 2022.
USDA also released the Quarterly Grain Stocks report. Corn stocks totaled 7.4 billion bushels, five percent lower than March 2022. Soybeans stored totaled 1.69 billion bushels, 13 percent lower than last year. All-wheat storage totaled 946 million bushels, eight percent lower than March 2022.