According to the USDA 2014 Prospective Plantings report released today, farmers are intending to plant an estimated 81.5 million acres of soybeans in 2014, up six percent from last year and an all-time record high if realized, surpassing the previous record of 77.5 million acres planted in 2009.
Planted acreage intentions for soybeans are up or unchanged in all states except Missouri and Oklahoma. The largest increase is expected in North Dakota with a record high 5.65 million acres, an increase of one million acres from 2013. If realized, the planted area of soybeans in Nebraska, New York, Pennsylvania, South Dakota and Wisconsin will also be the largest on record.
Corn growers intend to plant 91.7 million acres in 2014, down 4 percent from last year and if realized the lowest planted acreage since 2010. Expected returns for corn are anticipated to be lower in 2014 compared with recent years. Colorado, Idaho, Iowa, Kansas, Maine, Massachusetts and Utah are expected to increase planted acreage from last year. If realized, planted acres in Idaho will be a record high.
Wheat planted acres are expected to be down one percent from last year at 55.8 million acres while cotton acreage is anticipated to be up seven percent to total 11.1 million acres.
Also released today was the Grain Stocks report, which showed corn stocks up 30 Percent from March 2013. Soybean stocks are one percent lower and all wheat stocks are down 15 percent.