Market News & Headlines >> Corn Plantings Seen up Slightly From March Intentions
USDA is expected to peg U.S. corn acreage slightly above its March planting intentions estimate and put soybean acreage just slightly below the March intentions when it releases its annual Crop Acreage report on Thursday.
The report is also expected to peg spring wheat and durum plantings slightly below the March intentions after a wet spring led to severe planting delays in North Dakota and Minnesota. Cotton acres are expected to be marginally higher than the March planting intentions.
Pre-report trade estimates of U.S. corn plantings average 89.770 million acres in a range from 88.400-91.000 million compared with March planting intentions of 89.490 million acres, according to a Bloomberg News Survey of 28 analysts. Trade expectations for U.S. soybean plantings average 90.600 million acres in a range from 89.200-92.380 million compared with USDA’s March intentions of 90.955 million acres.
Trade estimates of U.S. all-wheat plantings average 46.970 million acres in a range from 46.300-48.000 million compared with USDA’s March estimate of 47.351 million acres. On average, USDA is expected to peg “other” spring wheat seedings at 10.830 million acres compared to the March planting intentions estimate of 11.200 million, with estimates ranging from 10.300-11.500 million. Trade estimates of durum acreage average 1.830 million acres compared with USDA’s March estimate of 1.915 million.
Pre-report expectations for total U.S. cotton plantings average 12.260 million acres in a range from 11.900-12.750 million acres compared with USDA’s March’s planting intentions of 12.234 million acres.