Source: Rita Jane Gabbett, MEATINGPLACE, 3/31/14

Corn planted area for all purposes in the United States in 2014 is estimated at 91.7 million acres, down 4 percent from last year, according to USDA’s annual Prospective Plantings report.

If realized, this would represent the lowest planted acreage in the United States since 2010; however, it would also represent the fifth largest corn acreage in the United States since 1944.

Soybean planted area for 2014 is estimated at a record high 81.5 million acres, up 6 percent from last year. Compared with last year, planted acreage intentions are up or unchanged across all states with the exception of Missouri and Oklahoma.

Grain Stocks report
USDA also reported corn stocks in all positions on March 1, 2014 totaled 7.01 billion bushels, up 30 percent from March 1, 2013 in its quarterly Grain Stocks report.

The December 2013 - February 2014 indicated corn disappearance is 3.45 billion bushels, compared with 2.63 billion bushels during the same period last year.

Soybeans stored in all positions on March 1, 2014 totaled 992 million bushels, down 1 percent from March 1, 2013.

Indicated soybean disappearance for the December 2013 - February 2014 quarter totaled 1.16 billion bushels, up 20 percent from the same period a year earlier.

Market reaction
Corn futures prices rose on the Chicago Mercantile Exchange following the reports while soybean futures prices rose for May and July 2014 delivery, but fell for delivery in the last half of 2014 and in 2015.

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