Farmers have given their first indication as to how many acres of corn and soybeans will be planted this year through the USDA’s Prospective Plantings report.
The report shows the nation’s farmers are looking to plant more corn acres than last year, but fewer soybean and wheat acres.
The nation’s farmers intend to plant 93.6 million acres of corn, which is 6% more acres than last year. If realized, it would be the highest planted corn acreage since 2013, and the third highest planted acreage since 1944.
As for soybeans, farmers say they intend to plant 82.2 million acres, which is down slightly from last year. In fact the decrease is less than1%, so the soybean acreage will remain nearly neutral from last year.
The USDA says that all wheat acres are down 9% from 2015 at 49.6 million acres.
Beginning with Iowa, the report says that Iowa farmers intend to plant 13.9 million acres of corn, which is 3% more than 2015.
Nebraska corn growers look to plant 9.7 million acres of corn, which is an increase of 3% from last year.
South Dakota farmers are saying they may plant as much as 5.7 million acres of corn, which would be a 6% increase in corn acres from 2015.
As for soybeans, it appears Iowa farmers will be planting 2% fewer acres at 9.7 million acres.
Nebraska farmers indicate they hope to plant 5.3 million acres of soybeans, which is the same as last year, and remains neutral.
South Dakota may see a 3% drop in terms of soybean acres planted at five million acres.
When we look at all wheat acres, Nebraska may see a reduction of 9% at 1.35 million acres, and South Dakota wheat growers anticipate a 17% reduction of wheat acres at 2.28 million acres.
The grain stocks report shows that corn stocks are up 1% from this time last year, but soybean stocks are up 15% over last year, and wheat stocks are up 20% over last year’s numbers. Those numbers may
be part of the reason why we are seeing the intended plantings to be lower for soybeans and wheat this year, because we still have a surplus left over from last year.