Soybean acres soar to potential record in Iowa

Iowa farmers have planted 10.1 million acres of soybeans, about 800,000 acres more than a year ago, according to the Department of Agriculture.

Iowa corn producers have planted 13.6 million acres, unchanged from the last USDA plantings report in March.

Nationally, farmers have planted a record 84.8 million acres of soybeans, 11 percent more than a year ago. Corn production, at 91.6 million acres, will be the fifth largest on record, the USDA reported.

The USDA is projecting record Iowa and U.S. corn and soybean production this year. That has depressed prices on the Chicago Board of Trade with corn prices at $4.26 a bushel on Tuesday and soybeans at $13.26 a bushel.

A separate grain stocks report from the USDA National Agricultural Statistics Service shows the nation had 3.85 billion bushels of corn in storage on June 1, up 39 percent from a year ago. Off-farm stocks, at 1.99 billion bushels, are up 32 percent from a year ago.

Iowa had 728 million bushels on hand June 1, 29 percent more than last year, but still the second lowest June 1 level since 2004. Of the total Iowa corn stocks, 49 percent were stored on farms.

The nation's stockpile of soybeans stood at 405 million bushels on June 1, 7 percent lower than a year earlier. On-farm stocks totaled 109 million bushels, down 36 percent from a year ago.

Off-farm stocks, at 296 million bushels, are up 12 percent from a year ago.

Iowa soybeans stored in all positions on June 1 totaled 94.2 million bushels, down 9 percent from June 1, 2013. Of the total Iowa soybean stocks, 25 percent were held in on-farm storage facilities.