For Soybeans the 2012 soybean planted area is estimated at 76.1 million acres, up 1 percent from 2011 and is the third highest on record. Compared with last year, planted area increased in 20 out of 31 States. Area for harvest is forecast at 75.3 million acres, up 2 percent from 2011.
USDA says, “Planting conditions this spring were much improved from last year when severe flooding in several areas during April contributed to delays in soybean planting. Planting of this year’s soybean crop was underway in all 18 major States by the end of April. By April 29, twelve percent of the intended soybean crop had been planted, 7 percentage points ahead of normal and 10 percentage points ahead of last year’s pace. Heavy showers fell across parts of the northern and western Corn Belt during the first week of May, but very little precipitation occurred in the major soybean growing areas for the remainder of the month, allowing planting to remain at a pace ahead of last year and the 5-year average. As of June 3, soybean planting had reached 94 percent complete, 19 percentage points ahead of normal and more than 30 percentage points ahead of last year’s pace. North Carolina was the only major State to be lagging behind normal planting pace at the beginning of June, trailing the 5-year average by 5 percentage points.”
Among major changes in Cornbelt states, Illinois dropped soybean acres from the Intentions report to plant corn, and Iowa increased its soybean planting intentions by 700,000 acres.
Cornbelt state estimated acres compared to 2011:
- Illinois-8.6 million—down from 8.9 million
- Indiana-5.0 million—down from 5.3 million
- Iowa-9.5 million—up from 9.35 million
- Michigan-2.0 million—down from 1.95 million
- Minnesota-7.0 million-down from 7.1 million
- Missouri-5.3 million—unchanged
- Nebraska-5.1 million—up from 4.9 million
- North Dakota-4.6 million—up from 4.0 million
- Ohio-4.6 million—up from 4.55
- South Dakota-4.5 million—up from 4.1 million
- Wisconsin-1.69 million—up from 1.61 million
In the Quarterly Grain Stocks Report, USDA estimated June 1 corn stocks at 3.148 billion bushels—down 14% from June of last year. Farmers are still holding 1.48 billion, and off-farm stocks are estimated at 1.67 billion. The March to May disappearance was 2.87 billion, above the 2.85 billion a year ago. The trade had expected stocks to be 2.182 billion.
Soybean stocks were estimated at 667 million, up 8% from the stocks report of June 2011. On farm soybean stocks are estimated at 179 million, and off farm at 488 million. The quarterly disappearance was 707 million bushels, up 12% from a year ago. The trade was expecting soybean stocks at 640 million bushels.