By Chris Clayton
DTN Ag Policy Editor
DTN Staff Reporter
WASHINGTON (DTN) — Farmers are expected to plant 90 million acres of corn this year, down 4% from last year while soybean acreage will grow to 89.5 million planted acres, up 7% from a year ago.
USDA on Friday released its prospective plantings report for major crops as well as quarterly grain stock numbers.
Farmers are projected to plant 46.1 million acres of wheat, down 8% from last year. If realized, it would mark the lowest wheat acreage since the U.S. began keeping records in 1919.
Winter wheat acres are pegged at 32.7 million acres down 9% from last year and the second-lowest winter-wheat acreage on record. Spring wheat is projected at 11.3 million acres, down 300,000 acres and the lowest spring wheat planting since 1972. Durum acres were pegged at 2 million acres, down 400,000 from last year.
All-wheat stocks were projected at 1.66 billion bushels, up 21% from a year ago. Disappearance from December to February was projected at 422 million bushels, up 13% from the same period a year ago.
On-farm wheat stocks were projected at 350 million bushels, up 9% from last year while off-farm stocks were 1.31 billion bushels, up 24% from a year ago.
At 90 million acres, prospective planting will be down 4 million acres from 2016, but still 2% higher than 2015 planted acres. Acreage is expected to be down across most major corn-producing states with the exception of Kansas. Acreage will be down because of expectations of lower returns compared to other crops.
Looking at stocks, USDA projects 4.91 billion bushels were stored on farms, up 13% from a year ago. Off-farm stocks were pegged at 3.71 billion bushels, up 6% from a year ago.
At 89.5 million planted acres, soybean planting will be more than 6 million acres higher than 2016. USDA projects increases of 500,000 acres or more in Iowa, Kansas, Minnesota, North Dakota and Nebraska. If realized, 12 major soybean growing states will have record soybean planted acres.
Quarterly stocks for soybeans showed 669 million bushels stored on farms, down 8% from a year ago. Off-farm stocks are pegged at 1.07 billion bushels, up 33% from a year ago.
Editor’s note: Join DTN Senior Analyst Darin Newsom at 12 p.m. CDT Friday as he analyzes the Quarterly Grain Stocks and Prospective Plantings reports and gives a grain market outlook for the spring quarter. Sign up now at: http://www.dtn.com/…