US Corn
U.S. corn planted area.
 
WASHINGTON, D.C., U.S. — U.S. Department of Agriculture (USDA) planted area estimates in its annual June 30 Acreage report came in above the average of trade expectations for corn and below the average for soybeans. The USDA numbers were above the trade averages for all wheat, winter wheat, spring wheat and durum. In its quarterly Grain Stocks report, the USDA June 1 estimates of corn and soybeans in all positions were above the trade averages and for all wheat was slightly below the average.

Soy complex futures traded sharply higher, corn futures were mostly lower and wheat futures were mixed but mostly up modestly immediately after the reports were released. Key numbers from both reports follow.

Acreage

Corn planted area was estimated at 94.1 million acres, up 7% from 88 million acres in 2015 and the third highest on record. The average trade expectation was 92.759 million acres. Area for harvest was estimated at 86.6 million acres, up 7% from 80.7 million acres last year.

Soybean planted area was estimated at a record 83.7 million acres, up 1% from 82.7 million acres last year. The average trade expectation was 83.969 million acres. Area for harvest was estimated at 83 million acres, up 1% from 81.8 million acres in 2015.

All wheat planted area was estimated at 50.8 million acres, down 7% from 54.6 million acres last year. The average trade expectation was 49.732 million acres. Area for harvest in 2016 was estimated at 44.1 million acres, down 6% from 47.1 million acres a year ago.
US wheat
U.S. all wheat planted area.
 

Winter wheat area planted in 2015 for harvest in 2016 was estimated at 36.5 million acres, down 7% from 39.5 million acres last year but up 1% from the most recent estimate. The average trade expectation was 36.292 million acres. Area for harvest was estimated at 30.2 million acres, down 6% from 32.3 million acres in 2015.

Spring wheat other than durum planted area was estimated at 12.1 million acres, down 8% from 13.2 million acres last year. The average trade expectation was 11.64 million acres. Area for harvest was estimated at 11.8 million acres, down 9% from 12.9 million acres a year ago.

Durum planted area was estimated at 2.145 million acres, up 11% from 1.936 million acres last year. The average trade expectation was 1.994 million acres. Area for harvest was estimated at 2.082 million acres, up 10% from 1.896 million acres last year.

Planted area of bioengineered corn comprised 92% of the total corn planted area, unchanged from 92% in 2015. Bioengineered soybeans made up 94% of total soybean planted area, also unchanged from 94% last year.

Grain Stocks

Stocks of corn in all positions on June 1 totaled 4.722 billion bushels, up 6% from June 1, 2015. The average trade expectation was 4.528 billion bushels. On farm stocks of corn were 2.471 billion bushels, up 9% from a year ago, and off farm stocks were 2.251 billion bushels, up 3%. Indicated March-May disappearance of corn was 3.1 billion bushels, down 6% from 3.3 billion bushels in the same period a year earlier.
US soybean
U.S. soybean planted area.
 

Soybean stocks in all positions were 870 million bushels, up 39% from June 1, 2015, the USDA said. The average of trade expectations was 833 million bushels. On-farm stocks were 281 million bushels, up 14% from last year, and off-farm stocks totaled 589 million bushels, up 55%. Indicated disappearance during March-May was 661 million bushels, down 5% from the same period a year earlier.

Old crop all wheat stored in all positions on June 1 (the start of the 2015-16 marketing year for wheat) totaled 981 million bushels, up 30% from June 1, 2015, the USDA said. The average trade estimate was 982 million bushels. On-farm stocks of wheat were 197 million bushels, up 27% from last year, and off-farm stocks were 784 million bushels, up 31%. Indicated March-May disappearance was 391 million bushels, up 1% from the same period in 2015.

Durum stocks on June 1 were 27.9 million bushels, up 9% from last year, with on-farm stocks at 12.2 million bushels, up/down 19%, and off-farm stocks at 15.7 million bushels, up 2%. Indicated durum disappearance during the March-May period was 14.7 million bushels, up 22% from a year earlier.