Source: Daily Livestock Report
July 2, 2019
USDA National Agricultural Statistical Service (NASS) provided the mid-year picture of grain supplies and plantings this spring that will be the foundation for grain supplies over the next year. Surprises were front and center as it related to corn and soybean plantings. Estimated corn plantings were above the range that was expected for the report by close to 2 million acres and were only short of planting intentions from March by 1 million acres. This implied a herculean effort on the part of farmers to plant a record number of acres of corn in June. The flip side of this performance was a shortfall in soybean plantings. Soybean plantings were estimated to be down 10% from last year and the smallest area since 2013. The low end of soybean planting expectations was 2.6 million acres above the NASS estimate.