June Acreage Report Ups Corn Planted from March Survey
USDA estimates US corn planted area in 2024 at 91.4 million acres, a significant increase from the March survey, but three million acres less than was planted last year. We have derived a revised US corn supply/usage table with the June survey acreage data and holding all other variables at the level USDA used earlier this month. Note that the increased area boosts the new crop US corn carryover stocks significantly.
| US Corn Supply/Usage Million Bushels & acres | |||||
| 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2024/25 | |
| USDA June | June Area | WASDE | |||
| Area Planted | 92.9 | 88.2 | 94.6 | 91.5 | 90.0 |
| Area Harvested | 85 | 78.7 | 86.5 | 84.4 | 82.1 |
| Yield per Harv. Ac. | 176.7 | 173.4 | 177.3 | 181.0 | 181.0 |
| Beginning Stocks | 1,235 | 1,377 | 1,360 | 2,022 | 2,022 |
| Production | 15,018 | 13,651 | 15,342 | 15,283 | 14,860 |
| Imports | 24 | 39 | 25 | 25 | 25 |
| Supply, Total | 16,277 | 15,066 | 16,727 | 17,330 | 16,907 |
| Feed and Residual | 5,671 | 5,486 | 5,700 | 5,750 | 5,750 |
| Food, Seed & Industrial | 6,757 | 6,558 | 6,855 | 6,855 | 6,855 |
| Ethanol & by-products | 5,320 | 5,176 | 5,450 | 5,450 | 5,450 |
| Domestic, Total | 12,427 | 12,045 | 12,555 | 12,605 | 12,605 |
| Exports | 2,472 | 1,661 | 2,150 | 2,200 | 2,200 |
| Use, Total | 14,900 | 13,706 | 14,705 | 14,805 | 14,805 |
| Ending Stocks | 1,377 | 1,360 | 2,022 | 2,525 | 2,102 |
| Carryout/Usage* | 9% | 10% | 14% | 17% | 14% |
| June 2024 USDA data. *Carryout % Crop Year Usage | |||||
New crop corn futures contract prices have been under pressure in anticipation of a burdensome stocks situation developing next season. The June acreage survey has added another element to the bearish new crop corn case. But the heart of the corn belt production cycle is in July. Above normal temperatures during pollination could still rescue corn market bulls, but chances are dimming.