As of Mar. 1, 2020, U.S. corn stocks were just over 7.95 billion bushels, down roughly 8 percent YOY and below trade expectations. A stocks figure under the industry estimate may suggest that 2019/20 production was lower than reported.
Soybean stocks were just over 2.25 billion bushels, down about 17 percent YOY and just above the industry estimate.
Looking at planted acreage, U.S. corn planting intentions were pegged at 97.0. That would be the most corn acres planted since 2012 and 7.29 million more acres than last year’s total. The industry estimated corn acreage to be notably lower.
For soybeans, producers intend to plant 83.5 million acres, lower than the industry estimate but up 10 percent vs. last years’ planted acreage.
USDA’s survey process may have started before the COVID-19 pandemic and lower ethanol demand took shape. Producers may look to shift some acreage from corn to soybeans by the end of planting.
U.S. corn quarterly stocks by season
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