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.
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.