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March USDA Grain Stocks & Planting Intentions

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From the USDA:

Corn planted area for all purposes in 2017 is estimated at 90.0 million acres, down 4 percent or 4.0 million acres from last year. Compared with last year, planted acreage is expected to be down or unchanged in 38 of the 48 estimating States.

Soybean planted area for 2017 is estimated at a record high 89.5 million acres, up 7 percent from last year. Compared with last year, planted acreage intentions are up or unchanged in 27 of the 31 estimating States.

All wheat planted area for 2017 is estimated at 46.1 million acres, down 8 percent from 2016. This represents the lowest total planted area for the United States since records began in 1919. The 2017 winter wheat planted area, at 32.7 million acres, is down 9 percent from last year but up 1 percent from the previous estimate. Of this total, about 23.8 million acres are Hard Red Winter, 5.53 million acres are Soft Red Winter, and 3.38 million acres are White Winter. Area planted to other spring wheat for 2017 is estimated at 11.3 million acres, down 3 percent from 2016. Of this total, about 10.6 million acres are Hard Red Spring wheat. The intended Durum planted area for 2017 is estimated at 2.00 million acres, down 17 percent from the previous year.

All cotton planted area for 2017 is estimated at 12.2 million acres, 21 percent above last year. Upland area is estimated at 12.0 million acres, up 21 percent from 2016. American Pima area is estimated at 232,000 acres, up 19 percent from 2016.

Corn stocks in all positions on March 1, 2017 totaled 8.62 billion bushels, up 10 percent from March 1, 2016. Of the total stocks, 4.91 billion bushels were stored on farms, up 13 percent from a year earlier. Off-farm stocks, at 3.71 billion bushels, are up 6 percent from a year ago. The December 2016 - February 2017 indicated disappearance is 3.77 billion bushels, compared with 3.41 billion bushels during the same period last year.

Soybeans stored in all positions on March 1, 2017 totaled 1.73 billion bushels, up 13 percent from March 1, 2016. Soybean stocks stored on farms are estimated at 669 million bushels, down 8 percent from a year ago. Off-farm stocks, at 1.07 billion bushels, are up 33 percent from last March. Indicated disappearance for the December 2016 - February 2017 quarter totaled 1.16 billion bushels, down 2 percent from the same period a year earlier.

All wheat stored in all positions on March 1, 2017 totaled 1.66 billion bushels, up 21 percent from a year ago. On-farm stocks are estimated at 350 million bushels, up 9 percent from last March. Off-farm stocks, at 1.31 billion bushels, are up 24 percent from a year ago. The December 2016 - February 2017 indicated disappearance is 422 million bushels, 13 percent above the same period a year earlier.

Durum wheat stocks in all positions on March 1, 2017 totaled 52.8 million bushels, up 24 percent from a year ago. On-farm stocks, at 32.4 million bushels, are up 83 percent from March 1, 2016. Off-farm stocks totaled 20.4 million bushels, down 18 percent from a year ago. The December 2016 - February 2017 indicated disappearance of 20.1 million bushels is 12 percent above the same period a year earlier.

 

 

USDA March Planting Intentions (mln acres)
 
USDA Mar
2017
Average Trade Est.
Range of
Trade Est.
USDA
2016 Final
Corn
 89.996
90.969
90.0-92.5
94.0
Soybeans
 89.482
88.214
86.4-89.3
83.4
Wheat
 46.059
46.139
44.2-48.2
50.2
All Winter
 32.747
32.554
32.0-34.5
36.2
Spring Wheat
 11.308
11.358
9.9-12.2
11.6
Durum Wheat
 2.004
2.115
1.9-2.5
2.4
 
U.S. Quarterly Grain Stocks (bln bu)
 
USDA
Mar 2017
Average Trade Est.
Range of
Trade Est.
USDA
Mar 2016
Corn
 8.616
8.534
8.205-8.900
7.822
Soybeans
 1.735
1.684
1.627-1.885
1.531
Wheat
 1.655
1.627
1.450-1.721
1.372
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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Past performance and testimonials are not necessarily indicative of future results. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.