U.S. farmers plant more corn, less soybeans
For soybeans, the USDA estimated U.S. 2017 planting acreage at 88.7 million vs. USDA estimate in March of 89.5 million and last year’s acreage of 83.4 million.
For corn, the USDA sees U.S. plantings at 90.0 million vs. its March estimate of 89.9 million and 94.0 million a year ago.
USDA pegged the U.S. all-wheat plantings at 45.7 million, a new record-low, vs. its March estimate of 46.1 million and 50.1 million last year.
U.S. spring wheat acres dropped to 10.8 million vs. the USDA’s March estimate of 11.3 million.
On Friday, the USDA estimated the total of on-farm and off-farm grain stocks.
As of June 1, the U.S. corn stocks are 5.23 billion bushels vs. average analysts’ estimate of 5.12 billion.
For soybeans, USDA pegged stocks at 960 million bushels vs. average analysts’ estimate of 983 million.
U.S. wheat stocks, as of June 1, are estimated at 1.18 billion bushels vs. average analysts’ expectation of 1.137 billion bushels. ■