Anticipated Soybean Acres Up Ten Percent, Corn Up Eight

Soybean growers say they will plant 83.5 million acres this year, a 10 percent increase from 2019, according to USDA’s new Prospective Planting report released Tuesday.

That would make this year’s crop the third-highest planted acreage on record. Compared with last year, planted acreage is expected to be up or unchanged in 22 of the 29 states estimated.

Producers surveyed across the United States intend to plant an estimated 97.0 million acres of corn in 2020, up eight percent from last year. The report says planted acreage intentions for corn are up or unchanged in 38 of the 48 estimating states.

USDA also released the quarterly Grain Stocks report as of March 1. The report says corn stocks totaled 7.95 billion bushels, down eight percent from the same time last year. On-farm corn stocks were down 13 percent from a year ago, but off-farm stocks were up less than one percent. Soybeans stored totaled 2.25 billion bushels, down 17 percent. On-farm soybean stocks were down 20 percent, while off-farm stocks were down 15 percent.