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USDA Reports Summary          03/28 11:18

   USDA Estimates Farmers Will Plant 90M Corn Acres, 86.5M Soybean Acres This 
Year

   USDA on Thursday released its Prospective Plantings and quarterly Grain 
Stocks reports.

By DTN Staff

   This article was originally published at 11:03 a.m. CDT on Thursday, March 
28. It was last updated with additional information at 11:17 a.m. CDT on 
Thursday, March 28.

   **

   OMAHA (DTN) -- USDA sees producers planting 90.0 million acres of corn and 
86.5 million acres of soybeans this year, in USDA's prospective plantings 
report released on Thursday.

   USDA on Thursday released its Prospective Plantings and quarterly Grain 
Stocks reports.

   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:

   -- Prospective Plantings and Grain Stocks: https://www.nass.usda.gov/

   DTN Senior Analyst Todd Hultman sees USDA's planting estimates as bullish 
for new-crop corn, neutral for new-crop soybeans and new-crop wheat. USDA's 
grain stocks estimates were slightly bullish for corn, neutral for soybeans and 
slightly bearish for wheat, he said.

   PROSPECTIVE PLANTINGS

   Corn planted area in 2024 is estimated at 90.0 million acres, down 5%, or 
4.61 million acres, from last year. That's far below pre-report estimates.

   Compared with last year, planted acreage is expected to be down or unchanged 
in 38 of the 48 estimating states.

   Soybean planted area for 2024 is estimated at 86.5 million acres, up 3% from 
last year and slightly above pre-report estimates. Compared with last year, 
planted acreage is up or unchanged in 24 of the 29 estimating states.

   All wheat planted area for 2024 is estimated at 47.5 million acres, down 4% 
from 2023 for comparable states.

   The 2024 winter wheat planted area, at 34.1 million acres, is down 7% from 
last year and down 1% from the previous estimate for comparable states.

   Of this total, about 24.3 million acres are hard red winter, 6.26 million 
acres are soft red winter, and 3.59 million acres are white winter.

   Area expected to be planted to other spring wheat for 2024 is estimated at 
11.3 million acres, up 1% from 2023. Of this total, about 10.7 million acres 
are hard red spring wheat. Durum planted area for 2024 is expected to total 
2.03 million acres, up 22% from the previous year for comparable states.

   All cotton planted area for 2024 is estimated at 10.7 million acres, up 4% 
percent from last year. Upland area is estimated at 10.5 million acres, up 4% 
from 2023. American Pima area is estimated at 203,000 acres, up 38% from 2023.

   On sorghum, USDA said farmers intend to plant 6.395 million acres this year, 
an 11% drop from last year.

   QUARTERLY GRAIN STOCKS

   Corn stocks in all positions on March 1, 2024, totaled 8.347 billion bushels 
(bb), up 13% from March 1, 2023. Of the total stocks, 5.08 billion bushels were 
stored on farms, up 24% from a year earlier. Off-farm stocks, at 3.268 billion 
bushels, were down 1% from a year ago. The December 2023-February 2024 
indicated disappearance, or usage, is 3.82 billion bushels, compared with 3.42 
billion bushels during the same quarter last year.

   Soybeans stored in all positions on March 1, 2024, totaled 1.845 billion 
bushels, up 9% from March 1, 2023. Soybean stocks stored on farms are estimated 
at 933 million bushels, up 24% from a year ago. Off-farm stocks, at 912 million 
bushels, are down 3% from last March. Indicated disappearance for the December 
2023-February 2024 quarter totaled 1.16 billion bushels, down 13% from the same 
period a year earlier.

   All wheat stored in all positions on March 1, 2024, totaled 1.087 billion 
bushels, up 16% from a year ago. On-farm stocks are estimated at 271.9 million 
bushels, up 20% from last March. Off-farm stocks, at 815.5 million bushels, are 
up 14% from a year ago. The December 2023-February 2024 indicated disappearance 
is 334 million bushels, 10% below the same period a year earlier.

   **

   Join us at 12:30 p.m. CDT on Thursday for a DTN webinar discussing USDA's 
latest numbers and what they mean to markets. Given the history of USDA's 
March-end reports, we have to warn that big price moves could follow. Replay 
links will be provided for viewing at your convenience. Register now at: 
https://ag.dtn.com/24-ag-grain-stocks-wbr

QUARTERLY STOCKS (million bushels)
                3/1/24       Avg      High     Low      12/1/23      3/1/23
Corn            8,347        8,439    8,700    8,129    12,169       7,396
Soybeans        1,845        1,832    1,986    1,740    3,000        1,687
Wheat           1,087        1,053    1,081    997      1,410        941
PROSPECTIVE PLANTINGS
ACREAGE (million acres)                                 USDA
                3/28/24      Avg      High     Low      2023
Corn            90.0         92.0     93.8     90.0     94.6
Soybeans        86.5         86.3     88.0     84.3     83.6
All Wheat       47.5         47.7     50.0     46.6     49.6
Winter          34.1         35.1     38.4     34.0     36.7
Spring          11.3         10.9     11.3     10.1     11.2
Durum           2.0          1.7      1.9      1.1      1.7




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