Corn - stocks down, acreage up; Soybean - stocks up, acreage down

Grain Stocks Report from USDA shows corn stocks are down 15% from June 2010 while soybean stocks are up 8%. All wheat stocks are down 12%. The Acreage Report showed corn planted acreage up 5% from last year, and soybean acreage down 3%. All wheat acreage is up 5%.

Corn

Corn stocks in all positions on June 1, 2011 totaled 3.67 billion bushels, down 15% from June 1, 2010. Of the total stocks, 1.68 billion bushels are stored on farms, down 21% from a year earlier. Off-farm stocks, at 1.99 billion bushels, are down 9% from a year ago. The March-May 2011 quarter indicated disappearance is 2.85 billion bushels, compared with 3.38 billion bushels during the same period last year.

Corn planted area for all purposes in 2011 is estimated at 92.3 million acres, up 5% from last year, and the second-highest planted acreage in the U.S. since 1944, behind only the 93.5 million acres planted in 2007. Growers expect to harvest 84.9 million acres for grain, up 4% from last year.