U.S. Farmers Expected to Eclipse 2014 Soybean Acreage Record

The USDA is once again expecting a record amount of acres devoted to soybeans in 2015.
The USDA is once again expecting a record amount of acres devoted to soybeans in 2015.

The U.S. Department of Agriculture’s National Agricultural Statistics Service released a report on March 31 that showed that U.S. growers intend to plant a record-high 84.6 million acres of soybeans in 2015. This would break the previous record set in 2014, and it would be a 1 percent jump from last year.

There are expected to be increases of 200,000 acres or more in Arkansas, Ohio and Iowa. Soybeans will likely be most prominent in Kentucky, Minnesota, New York, Ohio, Pennsylvania, South Dakota and Wisconsin.

The "Prospective Plantings" report provides the first official survey-based estimates of U.S. farmers’ 2015 planting intentions. The results are based on surveys conducted during the first two weeks of March, given to more than 84,000 farmers across the country.

U.S. farmers intend to plant 89.2 million acres of corn in 2015, which is 2 percent less than last year. However, Minnesota and Wisconsin are both expecting an increase in planted acreage compared to 2014.

Examining the Quarterly Grain Stocks Report

In addition to releasing the Prospective Plantings report, the NASS also published its quarterly "Grain Stocks" report. This piece is designed to provide estimates of on-farm and off-farm stocks as of March 1.

Details from the Grain Stocks report showed that corn stocks totaled 7.7 billion bushels, which is up 11 percent from the same time last year. Soybeans stored on farms totaled 1.2 billion bushels, which is a 34 percent increase from March 2014. The amount of wheat stored totaled 1.1 billion bushels, marking a 6 percent leap from last year.

Results from both reports can be found on the USDA’s website at http://www.nass.usda.gov.