USDA releases June planting report
The Agriculture Department’s June acreage report released June 30 showed:
▪ Corn planted acreage up 3% from 2019
▪ Soybean acreage up 10%
▪ All wheat acreage down 2%
▪ All cotton acreage down 11%
The American Farm Bureau Federation’s Market Intel service noted in an analysis that the revision for corn is 5 million acres lower from March’s intended planting projections of 97 million acres, which was expected to lead to a record amount of corn production.
“Anticipated reduced ethanol demand due to COVID-19 threatened to push corn ending stocks for the 2019-20 marketing year higher and record corn production threatened to bump 2020-21 ending stocks above 3 billion bushels,” Farm Bureau economist Shelby Myers wrote. “The June Acreage report indicates farmers shifted away from corn planted acres, but as soybean expectations are nearly unchanged, it’s unclear what they shifted to,” Myers added.