Production surveys from the USDA’s National Agricultural Statistics Service (NASS) show farmers across the nation are planning on approximately 89.5 million acres of soybeans this growing season. That’s seven percent more than last year’s record high of 83.4 million acres.
The largest increase is expected in Kansas, with just under a million acres in increase. Indiana, Kentucky, Michigan, Minnesota, North Dakota, Nebraska, Ohio, Oklahoma, Pennsylvanioa, South Dakota, and Wisconsin will also see their largest planting acreage on record if realized.
Conversely, corn acres are expected to be down 4 percent from last year for a total of 90 million acres, following the anticipated lower returns for corn as compared to other crops.
Other key findings in the report are:
All wheat planted area for 2017 is estimated at 46.1 million acres, down 8 percent from 2016.
Winter wheat planted area, at 32.7 million, is down 9 percent from last year but up 1 percent from the previous estimate.
Area planted to other spring wheat for 2017 is expected to total 11.3 million acres, down 3 percent from 2016.
Durum wheat is expected to total 2 million acres for 2017, down 17 percent from last year.
All cotton planted area for 2017 is expected to total 12.2 million acres, 21 percent above last year.
NASS today also released the quarterly Grain Stocks report to provide estimates of on-farm and off-farm stocks as of March 1. Key findings in that report include:
Corn stocks totaled 8.62 billion bushels, up 10 percent from the same time last year. On-farm corn stocks were up 13 percent from a year ago, and off-farm stocks were up 6 percent.
Soybeans stored totaled 1.73 billion bushels, up 13 percent from March 1, 2016. On-farm soybean stocks were down 8 percent from a year ago, while off-farm stocks were up 33 percent.
All wheat stored totaled 1.66 billion bushels, up 21 percent from a year ago. On-farm all wheat stocks were up 9 percent from last year, while off-farm stocks were up 24 percent.
Durum wheat stored totaled 52.8 million bushels, up 24 percent from March 1, 2016. On-farm Durum stocks were up 83 percent from a year ago, while off-farm stocks of Durum wheat were down 18 percent.
The Prospective Plantings, Grain Stocks, and all other NASS reports are available online at www.nass.usda.gov.