The U.S. Department of Agriculture’s June Grain Stocks report showed much larger June 1 stocks of both corn and soybeans than had been anticipated by the market. According to the USDA’s latest Acreage report, United States farmers planted an estimated record high 84.8 million acres of soybeans in 2014, nearly equaling the 91.6 million acres of corn planted.
The Acreage report revealed much larger acreage of soybeans than had been anticipated, according to a University of Illinois agricultural economist.
Soybean acreage is up 11% from a year ago, while corn is down 4%, representing the lowest planted acreage in the United States since 2010. This increase in soybean acreage was not unexpected heading into the 2014 planting season, as previous reports indicated producers were set to plant soybeans at an all-time high.
Soybean producers reported that they planted or intend to plant 84.839 million acres of soybeans this year, 8.306 million more than planted last year and 3.347 million more than revealed in the USDA’s March Planting Intentions report. Acreage exceeded March intentions in a large number of states, with the largest difference (500,000 acres) in both Illinois and Iowa. Harvested acreage of soybeans is projected at 84.058 million acres, almost 8.2 million more than harvested last year.
Grant Kimberley, a corn and soybean farmer near Maxwell in central Iowa and director of market development for the Iowa Soybean Association, said about the results of the report, "Corn might be king in the U.S., but soybeans are knocking on the palace door. The increase of soybeans has been dramatic the last couple of years here and I think the increased protein demand worldwide has a lot to do with that."
The June USDA surveys revealed that corn producers planted 91.641 million acres of corn this year, 3.7 million fewer acres than were planted last year, but essentially equal to intentions reported in March. Acreage exceeded intentions in Illinois, Indiana, Missouri, North Dakota, South Dakota, and Wisconsin, but fell short of intentions in Iowa, Kansas, Minnesota, and Nebraska. Acres of corn harvested for grain are projected at 83.839 million, 3.8 million fewer acres than harvested last year.
The record high soybean acreage for the United States can be largely attributed to a number of individual states reaching their highest-ever totals. Record highs were estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota and Wisconsin.
As a result of the spike in soybean planting, the USDA’s report also indicates soybean area for harvest is estimated at a record high 84.1 million acres Area for harvest, at 84.1 million acres, is up 11 percent from 2013 and will be a record high by more than 7.4 million acres, if realized. Record high planted acreage is estimated in Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota, and Wisconsin."
As expected prior to the planting season, United States farmers placed an emphasis on soybean planting in 2014, capitalizing on demand. While the U.S. maintains its reputation for corn production, this report shows soybeans’ presence is on the rise.