USDA - Rise in corn and cotton planting, drop in soybeans

Jul 02, 2024

Corn, cotton up, soybeans down; grain stocks high

By Farms.com

The US Department of Agriculture's (USDA) June Planted Acreage and Grain Stocks Report has bearish implications for commodity markets. The report revealed larger-than-anticipated plantings of corn and cotton, raising concerns about potential oversupply.

Analysts like Betty Resnick, an economist with the American Farm Bureau Federation, highlighted significant increases in corn and cotton acreage compared to both the March Prospective Planting Report and trade expectations. Soybean plantings, however, fell short of expectations.

Grain stockpiles for corn, soybeans, and wheat also exceeded forecasts, with all three crops showing a year-over-year increase of over 20%. While recent flooding in the Upper Midwest is expected to impact crop yields, the report predates these events.

Experts anticipate a lower percentage of corn and soybeans being harvested due to the flooding. The full extent of the damage in Minnesota, Iowa, and South Dakota remains unclear.

The USDA's weekly crop progress report will provide updates on current conditions. However, the next major report, the WASDE report, is scheduled for July 12th. This report may offer further insights into potential adjustments due to weather events.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.