Will markets frown on surprisingly robust U.S. corn acreage?

Will markets frown on surprisingly robust U.S. corn acreage?

Corn sees big acreage boost, soybean acreage up slightly. Breakdowns of major crop acreage in the Mid-South.

In the lead-up to the USDA NASS June 30 acreage report, the news agency Reuters said soybean acreage, forecast at 82.2 million acres in March, may have jumped to 83.8 million. Corn acreage, Reuters speculated, might drop from 93.6 million to 92.8 million.

So, how close were the predictions?

Download Roberts Coats' USDA June 2016 Acreage Report

It turns out, the NASS report says, “Corn planted area for all purposes in 2016 is estimated at 94.1 million acres, up 7 percent from (2015).

This represents the third highest planted acreage in the United States since 1944.

Area harvested for grain, at 86.6 million acres, is up 7 percent from last year and represents the third highest area harvested for grain since 1933.”

The Mid-South corn acreage shows:

  • Arkansas – 750,000 acres up from 460,000.
  • Louisiana – 630,000 acres up from 400,000.
  • Mississippi – 720,000 acres up from 510,000.
  • Missouri – 3.7 million up from 3.25 million.
  • Tennessee – 870,000 acres up from 780,000.

2016 soybean real estate, meanwhile, has hit “83.7 million acres, up 1 percent from last year. Area for harvest, at 83.0 million acres, is also up 1 percent from 2015 and will be a record high if realized.”

The Mid-South soybean acreage breakdown:

  • Arkansas – 3.15 million acres down from 3.2 million.
  • Louisiana – 1.25 million down from 1.43 million.
  • Mississippi – 2.05 million acres down from 2.3 million.
  • Missouri – 5.55 million up from 4.55 million.
  • Tennessee – Acreage, at 1.75 million, held steady from 2015 to 1016.  

All 2016 cotton planted claimed 10 million acres, up 17 percent over 2015. A Mid-South state breakdown shows:

  • Arkansas cotton up to 370,000 acres from 210,000.
  • Louisiana cotton planted acres up to 155,000 from 115,000.
  • Mississippi cotton up to 450,000 acres from 320,000.
  • Missouri cotton up to 300,000 acres from 185,000.
  • Tennessee cotton acres up to 245,000 from 155,000.

As for rice, NASS says acreage is up to 3.212 million acres over last year’s 2.614 million. Arkansas and Louisiana medium-grain acreage dropped sharply from the final 2015 tally while Missouri’s held steady at 7,000. The Mid-South’s long-grain acreage breaks down like this:

  • Arkansas – 1.43 million acres up from 1.06 million.
  • Louisiana – 440,000 acres up from 355,000.
  • Mississippi – 200,000 acres up from 150,000.
  • Missouri – 210,000 acres up from 175,000.

Rough rice stocks, according to the report “on June 1, totaled 64.3 million hundredweight (cwt), down 10 percent from the total on June 1, 2015. Stocks held on farms totaled 7.97 million cwt and off-farm stocks totaled 56.3 million cwt. Long grain varieties accounted for 56 percent of the total rough rice, medium grain accounted for 42 percent, and short grain varieties accounted for 2 percent.

“Milled rice stocks in all positions totaled 6.92 million cwt, up 2 percent from a year ago.”

U.S. 2016 wheat acreage is estimated at 50.8 million acres, down 7 percent from 2015.

U.S. 2016 grain sorghum acres dropped to 7.225 million planted acres from 8.459 million.

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