USDA - Rise in corn and cotton planting, drop in soybeans

Jul 02, 2024

Corn, cotton up, soybeans down; grain stocks high

By Farms.com

The US Department of Agriculture's (USDA) June Planted Acreage and Grain Stocks Report has bearish implications for commodity markets. The report revealed larger-than-anticipated plantings of corn and cotton, raising concerns about potential oversupply.

Analysts like Betty Resnick, an economist with the American Farm Bureau Federation, highlighted significant increases in corn and cotton acreage compared to both the March Prospective Planting Report and trade expectations. Soybean plantings, however, fell short of expectations.

Grain stockpiles for corn, soybeans, and wheat also exceeded forecasts, with all three crops showing a year-over-year increase of over 20%. While recent flooding in the Upper Midwest is expected to impact crop yields, the report predates these events.

Experts anticipate a lower percentage of corn and soybeans being harvested due to the flooding. The full extent of the damage in Minnesota, Iowa, and South Dakota remains unclear.

The USDA's weekly crop progress report will provide updates on current conditions. However, the next major report, the WASDE report, is scheduled for July 12th. This report may offer further insights into potential adjustments due to weather events.

Video: Veteran Farmers: A Legacy of Service in Rural America

Veterans Day is a time to honor the men and women who have selflessly protected our freedoms and values. And for some, the transition from military service to civilian life brings them back to the farm.

At Farm Bureau, we believe it’s important to not only celebrate veterans but also those who continue to make a difference in agriculture and their community. We've partnered with Farm Credit to establish the Veteran Farmer Award of Excellence to shine a light on those who have continued to go above and beyond to serve their communities.

This year, we recognize retired Colonel Joe Ricker as the inaugural Veteran Farmer Award of Excellence winner. Joe served over 30 years in the Army before retiring from the Pentagon and completing tours in both Iraq and Afghanistan. Since leaving the Army, his commitment to excellence in farming and enriching the lives of veterans has blossomed in a myriad of ways in both his local community of Wilkinson, Indiana, and across the country. Joe grows apples and raises bees on his farm in Indiana. Joe founded “Veterans IN Farming,” an organization, now with more than 1,100 members, dedicated to providing veterans in Indiana with the tools and training to succeed in agriculture.

The American Farm Bureau Federation is an independent, non-governmental, voluntary organization, comprised of and directed by farm and ranch families who engage in all types of food, fuel and fiber production.