Jun 30, 2024

USDA reports 2024 corn acreage down, soybean acreage up

The USDA’s National Agricultural Statistics Service (NASS) announced a 3% decrease in corn planted acreage and a 3% increase in soybean planted acreage for 2024.

The Acreage report revealed 91.5 million acres of corn planted, down from last year. Biotech varieties account for 94% of these acres, up from 93% in 2023. The estimated harvested area for corn is also 91.5 million acres, reflecting the decline.

In contrast, soybean acreage has risen to 86.1 million acres, a 3% increase from 2023. Herbicide-resistant seed varieties were used for 96% of this acreage, up from 95% last year. The soybean harvested area matches the planted area.

The Grain Stocks report showed corn stocks totaling 4.99 billion bushels, up 22% from the same time last year. On-farm corn stocks rose 37%, and off-farm stocks increased by 4%. Soybean stocks reached 970 million bushels, also up 22% from June 2023, with on-farm stocks up 44% and off-farm stocks up 6%.