Market News & Headlines >> CBO Releases Baseline Ag Forecasts

U.S. farmers will plant 89.0 million acres of corn and 86.0 million acres of soybeans, according to 2015 baseline budget forecasts released by the Congressional Budget Office (CBO) on Monday.

The CBO acreage forecasts, based on December market conditions, differ from those in long-term forecasts released by USDA in December, which were based on November conditions. USDA pegged 2015 corn planted acres at 88.0 million and soybean acres at just 84.0 million.

The CBO forecast the U.S. average corn yield for 2015 at 165.7 bushels per acre, compared to the 167.2 bushels that USDA used in in long-term forecasts it released in December.  The CBO’s projection for the average soybean yield was 45.0 bushels below USDA’s forecast of 46.0 bushels.

Wheat planted acres will total 55.5 million, while the U.S. average wheat yield will be 45.5 bushels per acre, according to the CBO. USDA in its long-term projections put wheat seedings at 56 million acres and the U.S. yield also at 45.5 bushels.