June 29 – US Corn Acres Down 1%, Stocks Up 2% YoY

American farmers are decreasing their corn acreage by 1%, according to estimates by the USDA. Corn stocks are up 2% year-over-year.

On Friday, the USDA released its quarterly update on corn stocks and acreage.

The agency pegged corn area at 89.13 million acres for 2018.

This would mean that U.S. corn acres are down 1.2% from the 2017/18 crop year when they were 90.17 million acres.

This figure is also up 1.1 million acres from March 2018 estimate.

USDA Corn Acreage Estimates

Compared to last year, planted corn acres are down or unchanged in 31 of 48 reporting states. A few key states that showed significant changes in estimates included the following:

 – Illinois: -1.8% year-over-year.

 – Iowa: flat year-over-year.

 – Minnesota:-3.1% year-over-year.

 – Nebraska: +1.6% year-over-year.

Compared to the March Prospective Plantings report, these are a few of the states that saw the biggest changes in acreage:

 – South Dakota: -500,000 acres or -8.8% to 5.2 million acres

 – Kansas: +300,000 acres or +5.9% to 5.4 million acres

 – Minnesota: +300,000 acres, or +4% to 7.8 million acres

 – Nebraska: +400,000 acres or +4.3% to 9.7 million acres

Also on Friday, we got the quarterly stocks number from the USDA. Corn inventories in all positions on June 1, 2018, totaled 5.31 billion bushels. This is up 2% from the 5.23 billion bushels on June 1, 2017.

Of the total stocks for June 1, 2018, 2.75 billion bushels are stored on farms, down 3% from a year earlier. Off-farm stocks, at 2.56 billion bushels, are up 7% from a year ago.

About the Author
Brennan Turner

Brennan Turner is the CEO of FarmLead.com, North America’s Grain Marketplace. He holds a degree in economics from Yale University and spent time on Wall Street in commodity trade and analysis before starting FarmLead. In 2017, Brennan was named to Fast Company’s List of Most Creative People in Business and, in 2018, a Henry Crown Fellow. He is originally from Foam Lake, Saskatchewan where his family started farming the land nearly 100 years ago (and still do to this day!). Brennan's unique grain markets analysis can be found in everything from small-town print newspapers to large media outlets such as Bloomberg and Reuters.