Market News & Headlines >> Record Soybean Intentions Expected

Friday’s annual Prospective Plantings report from USDA is expected to show that U.S. producers intend to plant a record amount of acreage to soybeans and raise cotton seedings, while cutting corn and wheat acreage. 

Soybeans and cotton should attract pull acres way from corn and wheat because they offer better returns for producers. Trade estimates of U.S. soybean planting intentions average 88.214 million acres in a range from 86.400-89.300 million, compared with USDA’s Outlook Forum projection of 88.000 million and last year’s final plantings of 88.433 million acres.

Pre-report expectations for U.S. corn planting intentions average 90.969 million acres in a range from 90.000-92.500 million compared with USDA’s Outlook Forum estimate of 90.000 million and last year’s final plantings of 94.004 million acres.

Trade expectations for all-wheat planting intentions average 46.139 million acres in a range from 44.200-48.200 million compared with USDA’s Outlook Forum projection of 46.000 million and last year’s final seedings of 50.154 million. 

Pre-report estimates of U.S. all-cotton planting intentions average 11.409 million acres in a range from 10.500-11.200 million compared with USDA’s Outlook Forum projection of 11.500 and last year’s final seedings of 10.075 million acres.