This morning the USDA released the Grain Stocks and Prospective Plantings reports. While corn and soybean stocks are down from 2010 levels, corn planted acreage is expected to be up. If the 92.2 million acres are realized, it will be the second-highest corn planted acreage since 1944, one spot behind 2007’s 93.5 million acres. If soybean planting intentions follow through, it will be the third-largest crop on record with an estimated 76.6 million acres.

Corn stocks in all positions on March 1, 2011 totaled 6.52 billion bushels, down 15% from March 1, 2010. Of the total stocks, 3.38 billion bushels are stored on farms, down 26% from a year earlier. Off-farm stocks, at 3.14 billion bushels, are down slightly from a year ago. The December 2010-February 2011 indicated disappearance is 3.53 billion bushels, compared with 3.21 billion bushels during the same period last year.

Corn growers intend to plant 92.2 million acres of corn for all purposes in 2011, up 5% from last year and 7% higher than in 2009. If realized, this will be the second-highest planted acreage in the U.S. since 1944, behind only the 93.5 million acres planted in 2007. Acreage increases of 250,000 or more are expected in Iowa, Kansas, Nebraska, North Dakota, Ohio and South Dakota. The largest decrease is expected in Texas, down 150,000 acres.

Soybeans

Soybeans stored in all positions on March 1, 2011 totaled 1.25 billion bushels, down 2% from March 1, 2010. Soybean stocks stored on farms are estimated at 505 million bushels, down 17% from a year ago. Off-farm stocks, at 744 million bushels, are up 13% from last March. Indicated disappearance for the December 2010-February 2011 quarter totaled 1.03 billion bushels, down 4% from the same period a year earlier.

Soybean planted area for 2011 is estimated at 76.6 million acres, down 1% from last year. If realized, the U.S. planted area will be the third largest on record. Compared with last year, planted acreage declines of 100,000 acres or more are expected in Iowa, Kansas, Mississippi, Nebraska, and Ohio. If realized, the planted area in New York and North Dakota will be the largest on record.

Wheat and cotton

All wheat planted area is estimated at 58.0 million acres, up 8% from last year. The 2011 winter wheat planted area, at 41.2 million acres, is 10% above last year and up 1% from the previous estimate. Of this total, about 29.4 million acres are hard red winter, 8.2 million acres are soft red winter and 3.7 million are white winter. Area planted to other spring wheat for 2011 is estimated at 14.4 million acres, up 5% from 2010. Of this total, about 13.6 million acres are hard red spring wheat. Durum planted area for 2011 is estimated at 2.37 million acres, down 8% from 2010.

All cotton plantings for 2011 are expected to total 12.6 million acres, 15% above last year. Upland acreage is expected to total 12.3 million acres, up 14% from 2010. American Pima acreage is expected to total 252,500 acres, up 24% from 2010. Cotton acreage increases are expected in every state. The largest increase, at 548,000 acres, is expected in Texas. Acreage increases of more than 100,000 acres are expected in North Carolina, Georgia and Mississippi.