Farm Progress America, July 1, 2024

Source: Farm Progress. The original article is posted here.

Farm Progress America, July 1, 2024

Mike Pearson takes a look at the Planted Acreage report and the Grain Stocks report released by the USDA Friday.

The planted acreage report showed significant changes in the USA since March. It shows more corn acreage was planted and fewer soybean and wheat acres.

The Planted acreage report showed farmers have 224.8 million acres planted, which is higher than average. It's 91.5 more million acres than anticipated.

A total of 86.1 million acres were planted in soybeans which is higher than 2023 but less than estimated in March.

The report showed 47.2 million acres of wheat was planted, which is lower than 2023 and much lower than anticipated in the March forecast.

When it comes to the Grain Stock report, farmers have 4.993 billion bushels in storage which was higher than anticipated and 22 percent more than in 2023.

Porducers have 970 million bushels of soybeans in storage. It was up from the anticipated in 962 million bushels in storage.. There is an increase of 22 percent more in storage from 2023.

The report showed 702 million bushels of wheat in storage which was up 22 percent from 2023.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .

Copyright © 2024. All rights reserved. Informa Markets, a trading division of Informa PLC.