Prospective Planting Report Shows Less Corn, More Soybeans

The USDA released its Prospective Plantings and Grain Stocks Reports. 

The agency says farmers intend to plant 89.5 million acres, down four percent or 3.87 million acres from last year. 

Soybean planted area is estimated at a record 91 million acres, four percent higher than in 2021. 

The all-wheat planted area this year will be 47.4 million acres, one percent higher than last year. 

If realized, this would be the fifth-lowest all-wheat planted area since records began in 1919. 

The all-cotton planted area will be 12.2 million acres, up nine percent from last year. 

Corn stocks in all positions on March 1 totaled 7.875 billion bushels, two percent higher than March 1, 2021. 

Soybeans in all positions on March 1 totaled 1.93 billion bushels, 24 percent higher than the same time last year. 

All wheat in stored positions totaled 1.02 billion bushels, down 22 percent from last year.

(Story Courtesy of the NAFB News Service)