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Iowa Stores Record Amount of Soybeans

IOWA -- Friday saw two big USDA reports released, the Prospective Plantings report and the Grain Stocks report.

Iowa farmers plan to plant much more corn than last year. Prospective planting intentions are 13.6 million acres, up 400,000 from last year.

Nationally, corn acres look to take up 92.8 million acres, up four percent from last year.

Iowa's producers are growing even fewer soybeans, intending to plant 9.4 million acres, down 600,000. Nationally, planted area is estimated at 84.6 million acres, down five percent from last year.

Iowa's farmers also plan to plant the same amount of oats, about 135,000 acres and are boosting hay production by 10 percent, expecting to harvest just more than a million acres of hay.

The survey speaks to nearly 82,000 farm operators, 2,800 were from Iowa, and the report was taken between February 28 and March 18, right before major flooding.

The National Agricultural Statistics Service also released the Grain Stocks report.

Corn stored in all positions in Iowa on March 1 totaled 1.5 billion bushels, down eight percent from last year, 63 percent were stored on-farm. Nationally, corn stocks were 8.6 billion, down about three percent.

Soybeans stored in Iowa totaled 420 million bushels, 15 percent above last year, making it the largest March stocks on record. Nationally, bean stocks were 2.72 billion, up 29 percent.

Don Roose, President of U.S. Commodities says the reports stirred up the markets, "We had a decisive negative report last week. We had more stocks than we thought corn and soybeans on hand as of the first of March than what we thought and then our acres on corn were bigger than we thought. So, it all added up to a negative week last week on Friday."

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