Market News & Headlines >> Corn Plantings Seen Down From March Intentions
USDA is expected to peg U.S. corn acreage below the March planting intentions estimate and put soybean acreage above the March intentions when it releases its annual Crop Acreage report on Tuesday morning.
Trade estimates of corn plantings average 95.14 million acres in a range from 93.00-97.10 million down from planting intentions of 96.99 million acres reported in the Prospective Plantings report, but up 6.1% from last year’s plantings of 89.70 million acres, according to a Bloomberg News survey of 30 analysts.
If corn planted acres were to come in at the average of trade expectations, they would be the largest since 2013 when U.S. producers planted 95.37 million acres.
Pre-report estimates of U.S. soybean plantings average 84.83 million acres in a range from 84.00-86.50 million, up from March planting intentions of 83.51 million acres and up 11.5% from last year’s plantings of 76.10 million acres.
Trade estimates for U.S. all-wheat plantings average 44.723 in a range from 44.00-46.00 million compared with the March planting intentions of 44.665 million acres. All-wheat planted acres are expected to be the lowest on record in USDA data going back to 1919.
Pre-report expectations for “other” spring wheat plantings average 12.56 million acres, in a range from 12.00-13.00 million, little changed from the March intentions of 12.59 million and last year’s plantings of 12.66 million acres. Durum planting estimates average 1.33 million acres in a range from 1.25-1.44 million acres versus the March intentions of 1.29 million and last year’s plantings of 1.34 million acres.
Trade expectations for cotton plantings average 13.152 million acres in a range from 11.90-13.90 million acres down from the March planting intentions of 13.70 million and last year’s planted acreage of 13.51 million acres.
Prep-report estimates of sorghum plantings average 5.89 million acres in a range from 5.60-6.15 million acres up from the March planting intentions of 5.82 million and last year’s plantings of 5.27 million acres.
Total plantings of the eight major field crops: Corn, soybeans, wheat, cotton, sorghum, rice, oats and barley should be up sharply from last year when severe planting delays led to record large prevented planting claims. Prevented plantings claims should be relatively low this year as, overall, corn and soybean planting progressed at a slightly better than average pace.