Market News & Headlines >> Corn and Soy Plantings Seen Topping Intentions
USDA’s annual Crop Acreage Report, due out Friday morning, is expected to peg both corn and soybean plantings above the March 1 planting intentions, but still below a year earlier.
Trade estimates of U.S. planted corn acreage average 88.46 million in a range from 87.50-89.40 million compared with March 1 planting intentions of 88.03 million acres and last year’s planted acreage of 90.17 million.
Pre-report estimates of U.S. soybean plantings average 89.68 million acres in a range from 89.10-90.60 million, compared with March 1 planting intentions of 88.98 million acres and last year’s planted acreage of 90.14 million.
Total U.S. wheat acreage is expected to come in at 47.15 million acres down slightly from the 47.34 million forecast in March, but up from last year’s long-term low of 46.01 million acres. Other spring wheat seedings are expected to total 12.45 million acres, down from the March 1 intentions of 12.63 million, but up 14.7% from last year’s 11.01 million.
USDA is also expected to peg cotton plantings above the March 1 intentions of 13.47 million acres and 8,9% above last year’s seedings of 12.61 million. Trade estimates of cotton seedings average 13.73 million acres in a range from 13.42-14.10 million.
U.S. rice planted area is expected to be reported at 2.703 million acres, up slightly from March planting intentions of 2.690 million and up nearly 10% from last year’s 2.463 million.