According to the U.S. Department of Agriculture, corn stocks on June 1 totaled 3.15 billion bushels. Down 14 percent from a year ago. The federal agency estimate shows a 5 percent increase in planted corn acreage this year. The 96.4 million acres are the most planted since 1937 when an estimated 97.2 million acres were planted. Dry conditions continue to negatively impact crop progress reports with 14 percent of the nation’s corn crop now rated as poor to very poor.
According to USDA, more soybeans were planted this year as well. 76.1 million acres in 2012, up 1 percent from last year and the third highest number on record. Soybean storage was pegged at 667 million bushels, an 8 percent increase from a year ago. Dry weather has also dealt a blow to soybeans with 15 percent of the crop now seen as poor to very poor.
America’s wheat crop is estimated at 56 million acres, up 3 percent from 2011. Wheat storage, currently at 743 million bushels, is down 14 percent from a year ago. So far 59 percent of the winter wheat crop has been harvested with 90 percent of the Kansas harvest complete.