Corn Back On Top of the USDA Prospective Planting Report

A DTN summary of the USDA Quarterly Grain Stocks and Prospective Plantings Report shows that corn is once again the acreage leader this year. Farmers are expected to plant 92.8 million acres of corn this spring. That’s a four percent rise over 2018. Soybean acreage is projected at 84.6 million acres, down five percent from last year. Wheat planting may set the wrong kind of record this year. The all-wheat acres are forecast at 45.8 million, down four percent from 2018. If it does hold true, that would be the lowest all-wheat acreage on record since 1919, the first year that USDA began keeping track. DTN notes that the survey likely took place before flooding hit the Midwest states, so the numbers will likely be much different in Nebraska, Iowa, and Missouri. USDA says corn ending stocks were at 8.6 billion bushels, within the range of expectations and three percent lower than last year. Soybean stocks took a huge jump from last year, rising 29 percent to 2.7 billion bushels. The all-wheat ending stocks were also higher compared to last year, up six percent to nearly 1.6 billion bushels.