The Agriculture Department released its Quarterly Stocks Report this week offering its latest assessment of global supply and demand.
USDA projects corn stocks will be 141 million bushels LARGER than the same period of 2008. Soybean supplies are projected to be 114 million bushels LESS than last year, and wheat stocks are predicted to INCREASE 350 million bushels over 2008.
A decline in acres planted to wheat could bode well for new crop prices and that was just one of several predictions made by USDA this week in its much-anticipated Prospective Plantings report.
USDA estimates almost 85 million corn acres will be planted this season, down one percent from last year. If realized that would be the third largest number of acres planted in 60 years.
Soybean producers are expected to work a record 76 million acres in 2009. At least eight states are anticipating farmers will increase the number of acres planted in soybeans by 100,000 or more.
USDA is predicting a 7 percent decline in this year's wheat acreage to nearly 60 million acres. The largest amount of ground is dedicated to winter wheat which also is predicted to be down by 7 percent over last year.
And cotton numbers are expected to fall by 7 percent to 8.81 million acres. If this comes to pass, it would be the fewest number of acres planted since 1983.
According to the report, America's farmers are expected to plant almost 8 million fewer total acres than last year. Analysts have been able to account for nearly a third of the missing acres. Most are located in states like Texas and North Dakota where extreme weather conditions have taken large amounts of land out of production. Nevertheless several million acres of the nation's farmland remain in limbo.