USDA Reports Summary

By DTN Staff

This article was originally posted at 11:08 a.m. CDT on Friday, March 31. It was last updated with additional information at 11:22 a.m. CDT on Friday, March 31.

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OMAHA (DTN) -- USDA on Friday released its Prospective Plantings and March 1 Grain Stocks reports.

USDA sees producers planting 91.99 million acres of corn and 87.51 million acres of soybeans this year.

DTN Lead Analyst Todd Hultman sees USDA's planting estimates as bearish for new-crop corn, bullish for new-crop soybeans and neutral for new-crop winter wheat. Hultman sees USDA's grain stocks estimates as bullish for corn and soybeans, neutral for wheat.

Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.

You can also access the full reports here: https://www.nass.usda.gov/…

PROSPECTIVE PLANTINGS

Corn planted area for all purposes in 2023 is estimated at 91.99 million acres, up 4% or 3.42 million acres from last year. Compared with last year, planted acreage is expected to be up or unchanged in 40 of the 48 estimating states.

Soybean planted area for 2023 is estimated at 87.51 million acres, up slightly from last year. Compared with last year, planted acreage is up or unchanged in 15 of the 29 estimating states.

All wheat planted area for 2023 is estimated at 49.85 million acres, up 9% from 2022. The 2023 winter wheat planted area, at 37.51 million acres, is up 13% from last year and up 2% from the previous estimate.

Of this total, about 26.0 million acres are hard red winter, 7.80 million acres are soft red winter and 3.71 million acres are white winter.

Area expected to be planted to other spring wheat for 2023 is estimated at 10.57 million acres, down 2% from 2022. Of this total, about 9.95 million acres are hard red spring wheat. Durum planted area for 2023 is expected to total 1.78 million acres, up 9% from the previous year.

All cotton planted area for 2023 is estimated at 11.26 million acres, down 18% from last year. Upland area is estimated at 11.1 million acres, down 18% from 2022. American Pima area is estimated at 154,000 acres, down 16% from 2022.

On sorghum, USDA said farmers intend to plant 5.98 million acres this year, a 6% drop from last year.

QUARTERLY GRAIN STOCKS

Corn: Total stocks pegged at 7.401 billion bushels (bb), the lowest in nine years.

USDA reported total corn stocks on March 1, 2023, at 7.401 bb, down 5% from the same date a year ago. Of total stocks 4.11 bb were stored on farms, up 1% from a year ago. Off-farm stocks were reported at 3.29 bb, down 10% from a year ago. Total disappearance (usage) for the quarter was reported at 3.42 bb, which was December 2022 through February 2023. That compares with 3.88 bb for the same quarter last year

Soybeans: Total stocks reported at 1.69 bb, the lowest in six years and on the lower side of the pre-report estimates.

Soybeans stored in all positions on March 1 came in at 1.69 bb, down 13% from March 1, 2022. On-farm stocks were reported at 750 million bushels (mb), down slightly from a year ago. Off-farm stocks were pegged at 936 mb, down 21% from a year ago. Total disappearance or usage was reported at 1.34 bb, up 11% % from the same quarter in 2022.

All Wheat: Total stocks were reported at 946 mb, the lowest in 15 years but slightly above the pre-report average estimate.

All wheat stored in all positions on March 1 came in at 946 mb, down 8% from a year ago. On-farm stocks were estimated at 227 mb, up 30% from last March. Off-farm stocks were reported at 719 mb, down 16% from last year. Total disappearance or usage was list at 366 mb, up 5% from the same quarter in 2022.

Durum wheat stocks reported in all positions on March 1 came in at 35.8 mb, up 18% from last year. On-farm stocks were reported at 17.1 mb, up 36% from March 2022. Off-farm stocks were listed at 18.7 mb, up 6% from a year ago. Total disappearance from December 2022 through February 2023 was 12.3 mb, up 5% from the same quarter last year.

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Editor's Note: Join DTN Lead Analyst Todd Hultman at 12:30 p.m. CDT on Friday, March 31, for a look at what the day's numbers mean for grain prices. To register, visit: https://ag.dtn.com/…

QUARTERLY STOCKS (million bushels)
	3/1/23	Avg	High	Low	12/1/22	3/1/22
Corn	7,401	7,480	7,830	7,240	10,809	7,758
Soybeans	1,685	1,753	1,910	1,660	3,022	1,932
Wheat	946	928	965	875	1,280	1,029
PROSPECTIVE PLANTINGS
ACREAGE (million acres)					USDA
	3/31/23	Avg	High	Low	2022
Corn	92.0	90.8	92.1	87.7	88.6
Soybeans	87.5	88.2	89.6	87.4	87.5
All Wheat	49.9	48.7	50.0	45.7	45.7
Winter	37.5	36.3	37.0	34.3	33.3
Spring	10.6	10.9	11.6	9.8	10.8
Durum	1.8	1.6	1.8	1.2	1.6

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