[fullwidth background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][title size=”1″ content_align=”center” style_type=”underline solid” sep_color=”#000000″ margin_top=”” margin_bottom=”” class=”” id=””]
USDA reports of little help to address grain prices
[/title][fusion_text]Thursday, March 31st 2016
Two Department of Agriculture reports released on Thursday did little to boost already sour commodity prices, but rather took them in the other direction. The Grain Stocks and Prospective Plantings reports were released by USDA’s National Agricultural Statistics Service and painted a picture of a healthy amount of crop adding to a market that already had plenty of grain on hand. The plantings report boosted USDA’s already increased corn acreage estimates. Corn acreage is projected at 93.6 million acres, a 6 percent jump in actual 2015 acres and still higher than the 90 million acres the department projected in February at the Agricultural Outlook Forum. If realized, it would be the biggest planted acreage since 2013 and the third highest amount since 1944. Corn stocks compared to last year are up 1 percent to 7.81 billion bushels. Soybean acreage is projected at 82.2 million acres, virtually in line with the 82.5 million acres USDA projected in February. A drop of less than 1 percent from last year, NASS said planting intentions are down or unchanged in 23 of the 31 states included in the estimates. Soybean stocks totaled 1.53 billion bushels, a 15 percent jump from last year. Wheat acreage is projected to see even more of a decrease than originally thought by USDA. In February, the department estimated a 6.7 percent drop in planted area, but Thursday’s report puts the figure closer to 9 percent to 49.6 million acres. Wheat stocks took a sizable jump to 1.36 billion bushels, a 20 percent increase from last year. In other commodities, cotton planted area is estimated up 11 percent to 9.56 million acres despite tough times in the industry. Grain sorghum stocks jumped 68 percent – the largest of any commodity – to 201 million bushels.
[/fusion_text][/fullwidth]