The USDA’s Acreage Report shows farmers have planted 89.9 million acres of corn, down four percent from last year. Soybean planted area for 2022 is estimated at 88.3 million acres, one percent higher than last year. The all-wheat planted area is estimated to be 47.1 million acres, one percent higher than last year. If realized, this represents the fifth-lowest all wheat planted area since records began in 1919. The 2022 winter wheat planted area is 34 million acres, one percent higher than 2021.
Because of planting delays in Minnesota, North Dakota, and South Dakota, the acreage numbers will be updated in August.
Corn stocks, in all positions, totaled 4.35 billion bushels on June 1, up six percent from last year. Soybeans stored in all positions totaled 971 million bushels, up 26 percent from last year. Old crop-all wheat in all positions totaled 660 million bushels, 22 percent lower than 2021.