Planting, stocks reports released

Big USDA reports were released Friday, including the Prospective Plantings and Grain Stocks information.

The government foresees farmers planting 91.99 million acres of corn, which is up four percent from last year. Compared to 2022, planted acreage is expected to be higher or unchanged in 40 of the 48 estimating states. Soybean planted area in 2023 is pegged at 87.51 million acres, up slightly from the last year. Planted acreage is up or unchanged when compared to 2022, in 15 of 29 estimating states for soybeans.

For wheat, all planted area in 2023 is estimated to be 49.85 million acres which is up nine percent from 2022.

The quarterly grain stocks information indicated total corn stocks at 7.401 billion bushels which is the lowest in almost 10 years. Soybean total stocks were reported at 1.69 billion bushels, the lowest in about six years and on the low side of estimates heading into the report. Wheat stocks came in above estimates but were reported at 946 million bushels, the lowest in 15 years.

Illinois USDA report information:

Illinois Grain Stocks:

Corn stocks in all positions on March 1, 2023 totaled 1.34 billion bushels, up 6 percent from March 1, 2022. On-farm stocks totaled 620 million bushels, while off-farm stocks totaled 716 million bushels. The December 2022 - February 2023 indicated disappearance is 643 million bushels.

Soybean stocks in all positions on March 1, 2023 totaled 270 million bushels, down 20 percent from March 1, 2022. On-farm stocks totaled 125 million bushels, while off-farm stocks totaled 145 million bushels. The December 2022 - February 2023 indicated disappearance is 276 million bushels.

All wheat stocks in all positions on March 1, 2023 totaled 19.4 million bushels, down 15 percent from March 1, 2022. On-farm stocks totaled 1.25 million bushels, while off-farm stocks totaled 18.1 million bushels. The December 2022 - February 2023 indicated disappearance is 10.6 million bushels

Illinois Prospective Plantings:

Corn growers intend to plant 11.0 million acres in 2023, up 2 percent from 2022.

Soybean planted area is expected to total 10.8 million acres, unchanged from the previous year. Winter wheat area seeded last fall is estimated at 880,000 acres, up 35 percent from the previous year. Area planted to oats is expected to total 45,000 acres, down 25 percent from 2022.

Producers intend to harvest 345,000 acres of all hay in 2023, down 30 percent from last year.