Corn, bean acreage up

USDA released estimates for 2020 planted acreage on Tuesday with the Prospective Plantings report along with the quarterly stocks information.

Corn planted area for all purposes in 2020 is estimated at 97.0 million acres, up 8 percent or 7.29 million acres from last year. Compared with last year, planted acreage is expected to be up or unchanged in 38 of the 48 estimating States.

Soybean planted area for 2020 is estimated at 83.5 million acres, up 10 percent from last year. Compared with last year, planted acreage is expected to be up or unchanged in 22 of the 29 estimating States.

All wheat planted area for 2020 is estimated at 44.7 million acres, down 1 percent from 2019. This represents the lowest all wheat planted area since records began in 1919.

Grain Stocks:

Corn stocks in all positions on March 1, 2020 totaled 7.95 billion bushels, down 8 percent from March 1, 2019. Of the total stocks, 4.45 billion bushels were stored on farms, down 13 percent from a year earlier. Off-farm stocks, at 3.50 billion bushels, are up slightly from a year ago. The December 2019 - February 2020 indicated disappearance is 3.45 billion bushels, compared with 3.32 billion bushels during the same period last year.

Soybeans stored in all positions on March 1, 2020 totaled 2.25 billion bushels, down 17 percent from March 1, 2019. Soybean stocks stored on farms are estimated at 1.01 billion bushels, down 20 percent from a year ago.

Off-farm stocks, at 1.24 billion bushels, are down 15 percent from last March. Indicated disappearance for the December 2019 - February 2020 quarter totaled 1.00 billion bushels, down 1 percent from the same period a year earlier.

All wheat stored in all positions on March 1, 2020 totaled 1.41 billion bushels, down 11 percent from a year ago.