This article was originally posted at 11:05 a.m. CDT. It was updated at 12:17 p.m.
OMAHA (DTN) -- USDA on Thursday released its Acreage and June 1 Quarterly Grain Stocks reports.
Farmers planted 89.9 million acres of corn in 2022 and 88.3 million acres of soybeans. The corn estimate is higher than USDA's March estimate, while soybean acreage is lower. Both are within the range of pre-report estimates.
According to DTN Lead Analyst Todd Hultman, USDA's new planting estimates are neutral for new-crop corn and wheat, and a little bullish for new-crop soybeans. Hultman thinks Thursday's Grain Stocks report was neutral for corn and soybeans and wheat.
Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
USDA said farmers planted 89.92 million acres (ma) of corn this spring, up from its March estimate of 89.49 ma. The acreage estimate is 4%, or 3.44 ma, lower than last year as USDA said acreage is down or unchanged in 35 of the 48 states it tracks. Area harvested for grain if forecast at 81.9 ma.
Farmers sowed 88.33 ma of soybeans this spring, 2.63 ma less than USDA's 90.96 ma forecast in March. Overall planted acreage is 1% higher than last year, with farmers planting more or an equal number of acres in 24 of the 29 estimating states.
All wheat acres for 2022 came in estimated at 47.09 ma, up 1% from 2021. While acreage is higher, 2022 still marks the fifth-lowest acreage since records began in 1919.
Winter wheat acres are projected at 34 million, up 1% from last year, though still slightly below the pre-report average.
Of that total, about 23.5 ma are hard red winter; soft red winter accounts for 6.86 ma; and 3.61 ma are white winter wheat.
Spring wheat acreage was reported at 11.11 million acres, down 3% from 2021, but higher than the pre-report average estimate. Of that total, 10.4 ma are hard red spring wheat.
Durum wheat acres came in at 1.98 million acres, up 21% from last year.
QUARTERLY GRAIN STOCKS
Corn stocks in all positions on June 1, 2022, totaled an estimated 4.35 billion bushels (bb), up 6% from June 1, 2021, exceeding pre-report estimates.
Of the total stocks, 2.12 bb are stored on farms, up 22% from a year earlier. Off-farm stocks, at 2.23 bb, are down 6% from a year ago. The March to May 2022 indicated usage is 3.41 bb, compared with 3.58 bb during the same period last year.
Soybeans stored in all positions on June 1, 2022, totaled 971 million bushels, up 26% from June 1, 2021, also exceeding pre-report estimates. On-farm stocks totaled 331 million bushels (mb), up 51% from a year ago. Off-farm stocks, at 640 mb, are up 17% from a year ago. Indicated usage estimates for the March to May 2022 quarter totaled 960 mb, up 21% from the same period a year earlier.
Old crop all wheat stored in all positions on June 1, 2022, totaled 660 mb, exceeding pre-report estimates but down 22% from a year ago. On-farm stocks are estimated at 93.0 mb, down 34% from last year. Off-farm stocks, at 567 mb, are down 19% from a year ago. The March to May 2022 indicated usage is 364 mb, down 22% from the same period a year earlier.
Editor's Note: Join DTN Lead Analyst Todd Hultman at 12:30 p.m. CDT on Thursday, June 30, for a look at what the day's numbers mean for grain prices. To register, visit: https://ag.dtn.com/…