USDA’s new planted acreage report out this morning says corn acres are two percent higher than last year, but that is down a point from the March report with more acres are going to soybeans.

Corn planted area for all purposes in 2010 is estimated at 87.9 million acres, up 2 percent from last year. Acreage is up in Illinois, Kansas, Indiana, Missouri and Ohio; but down significantly in Iowa, Nebraska and South Dakota. Soybean planted area for 2010 is estimated at a record high 78.9 million acres, up 2 percent from last year.

The Minneapolis Grain Exchange (MGEX) held a conference call on the report this morning, featuring commentary by Joe Victor of Allendale, Inc., who expressed surprise at the decrease from the March report in corn acres. “This is the first time that we’ve seen fewer corn acres in the June planted acreage report versus the March, but it’s also the second largest number of corn acres planted,” Victor said.

Victor says the stocks report, with corn up 1 percent at 4.31 billion bushels and usage at 3.38 billion, was also a surprise. “That’s the first time that we can ever put a 3 in front of total usage, that is a record amount of usage, March through May,” said Victor. The previous record was 2007-2008 at 2.83 billion bushels.

Listen to Joe Victor’s MGEX conference call here. The audio can also be found on the MGEX website.
MGEX Conference Call with Joe Victor