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Source: Nat'l Corn Growers Association news release

American farmers expect to plant 5.6 million more acres of corn in 2016, a six percent increase from 2015, according the U.S. Department of Agriculture's Prospective Plantings report released today. If realized, total corn plantings in the United States would total 93.6 million acres for the highest planted acreage since 2013. Notably, it would also be the third-largest U.S. corn acreage planted since 1944.

"U.S. farmers produced an abundant crop in 2015. Given the strong carryover entering this growing season, we may see quite a large corn supply at harvest should weather prove favorable in 2016," National Corn Growers Association President Chip Bowling said.

"While many factors may change the reality on the ground as planting progresses, American corn supplies should remain ample for the year to come. Given the impact this continues to have on prices, the work being done at NCGA to grow demand will prove even more important as we work to find markets for our product and remain profitable into the future."

The USDA's estimate for 2016 is for 93.6 million acres to be planted in field corn. Assuming the five-year average 91.3 percent harvest rate and the projected 25-year trend yield of 165.4 bushels per acre is achieved, farmers will harvest 14.13 billion bushels, nearing the production record of 14.2 billion bushels set in 2014.

Of the major corn-producing states, the largest increases in planted acreage are expected to be in Kansas, North Dakota, Iowa and Illinois. The largest percentage increases are expected in southern states such as Louisiana, Arkansas and Mississippi. No major corn-producing states expect decreases in acreage from what was planted in 2015.

In the Grain Stocks report, also released this morning, USDA shows corn stocks in all positions stood at 7.81 billion bushels on March 1, 2016, up one percent from the same time last year.

Figures for on-farm storage stood one percent lower than last year at 4.34 billion bushels while off-farm stocks were up three percent from a year prior at 3.47 billion bushels. In total, USDA shows 3.43 billion bushels of corn used between December and February, compared with 3.46 over the same period in 2015.

For the full Prospective Plantings report, click here.

For the full Grain Stocks report, click here.

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