The US planted a record 84.8mn acres of soybeans this year as more growers opted for the oilseed in lieu of corn, according to the US Department of Agriculture (USDA) acreage report released today.
Corn planted area is estimated at 91.6mn acres, down 100,000 acres from the number growers intended to plant in the March USDA report. Soybean acreage rose 3.3mn acres, or 4pc, from March estimates.
The USDA report showed that 98pc of corn acres had been planted by the time of the survey, which spanned the first two weeks of June. Corn planted area for 2014, if realized, would be 4pc lower than last year and the lowest total since 2010 though still high by historical averages.
Soybean planted area is estimated 11pc higher than 2013's 76.5mn acres and 9pc higher than the record 77.5mn acres planted in 2009.
The final number of corn and soybean acres could be affected by recent flooding seen in parts of the Corn Belt and Northern Plains. Some fields may require replanting while others could be lost depending on the severity of the impact.
The acreage estimates, when coupled with a bearish grain stocks report, weighed heavily on futures prices for both corn and soybean.
As expected, many farmers switched this year from planting corn to soybeans or other crops likely because of higher prices relative to corn.
All but two of the 31 states reporting soybean information saw an increase in soybean planted area. Virginia's soybean area stayed flat at 600,000 acres while Oklahoma's declined by 20,000 acres to 325,000.
Delta and Plains states reported notable drops in corn acres as farmers switched to more traditional crops with corn prices firmly below $5/bushel this season. Arkansas planted 300,000 less acres of corn and 425,000 more rice acres, which has sustained granular urea fertilizer demand late into the recent planting season.
North Dakota's corn acreage dropped 800,000 acres from 2013 as farmers planted 1.35mn more acres of soybeans and 350,000 acres more of canola. In Nebraska, corn planted area fell by 650,000 acres while soybean area rose by 600,000. Twelve states reported decreases in corn area of more than 100,000 acres.
The chief Corn Belt states largely maintained 2013 levels of corn planted area while upping soybean acreage. Iowa's corn area held at 13.6mn acres while growing its soybean area by 800,000 acres to 10.1mn. Illinois corn area also stayed even at 12mn acres, with soybeans increasing by 650,000 acres to 10.1mn. Indiana corn area was unchanged at 6mn acres and saw soybean area rise by 300,000 acres to 5.5mn.
The USDA Acreage report is generally a strong indicator of final planted area. Since 2000, the report estimates have been within 500,000 acres of the final corn planted area eight times. Last year, the acreage report was 2.1mn acres higher than the final 95.3mn planted corn acres.
The USDA estimated total wheat area at 56.5mn acres, an increase of less than 1pc from 2013. Winter wheat area fell 2pc to 42.3mn acres while spring wheat area increased 10pc to 12.7mn acres. North Dakota had the largest increase in spring wheat area, jumping 800,000 acres from 2013 levels to 5.9mn acres.
Cotton area is estimated 9pc higher than 2013 at 11.4mn acres. Leading cotton producer Texas planted 6.5mn acres, up 654,000 acres from last year.
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