USDA Stocks/Prospective Plantings Reports Show a Lot of Soybeans

A DTN recap of the USDA Grain Stocks and Prospective Planting reports today shows the U.S. definitely has its share of soybeans, with a whole lot more on the way. Quarterly soybean stocks rose to a record 2.11 billion bushels. That’s 21 percent higher than March of 2017. Soybean acres also officially took the lead over corn acres in 2018’s planting intentions. USDA estimates 89 million acres of soybeans will be planted in 2018, with corn right behind at 88 million acres. Both of those estimates are down from last year, by one percent for soybeans and two percent for corn. USDA says the lower numbers are a consequence of a lot of grain stocks on hand, along with lower commodity prices. The estimate of 2.11 billion bushels of soybeans follows a disappointing marketing quarter for the crop. Between December of 2017 and February of this year, only one percent of the total soybean stocks were moved, nine percent lower than the same time frame from the previous year. USDA estimates that corn stocks were at 8.9 billion bushels as of March 1, three percent higher than last year. The report says farmers are projected to plant 47.3 million acres of wheat, three percent higher than a year ago but still the second-lowest acreage number since the early 1900’s. Cotton producers are predicted to plant 13.5 million acres, up seven percent from last year and higher than most pre-report expectations.