USDA released their grain stocks report today and Chief Economist Joe Glauber says they were surprised that ending stocks for corn and beans were down significantly. The estimated amount of corn stored is down 10% from a year ago at 5.4-billion bushels. Soybean stocks are down 27% from 2012 and wheat stocks up 3%.
USDA also released their intended plantings report. Corn growers intend to plant 97.3-million acres of corn. That is the largest since 1936. Soybean acres are down less than 1% at 77.1-million. Intended wheat planting is up 1% at 56.4 million acres. Corn and soybean futures plunged to limit down after the USDA reports were released today.
The USDA planting intentions report also showed that farmers plan to plant more tobacco, oats, hay, sorghum and dry peas. Acres are down on plantings of barley, rice, Durham wheat, peanuts, sunflowers, potatoes, sugar beets and dry beans