Market News & Headlines >> Soybean Acres Seen Exceeding Corn
The grain trade is expecting Friday morning’s annual USDA Crop Acreage report to indicate only minor changes in corn and soybean plantings versus the March planting intentions, but the report is expected to show U.S. soybean acreage exceeding corn acreage for the first time.
Trade estimates of U.S. corn plantings average 89.78 million acres in a range from 89.00-90.61 million acres compared with March 1 planting intentions of 90.0 million, according to a survey of 32 analysts by Bloomberg News. At 89.78 million acres, U.S. corn plantings would be down 4.22 million acres or 4.5% from last year.
Pre-report expectations for U.S. soybean plantings average 89.86 million acres in a range from 88.90-91.0 million compared with March 1 planting intentions of 89.48 million. At 89.86 million acres, U.S. soybean planting intentions would be up 6.43 million acres or 7.7% from last year.
Trade estimates of U.S. all-wheat seedings average 46.00 million acres, little changed from the March 1 planting intentions of 46.06 million, in a range from 45.50-47.40 million acres. At 46.00 million acres, seedings would be down 4.15 million acres or 8.3% from last year.
Trade estimates for seedings of “other” spring wheat average 11.20 million acres, down slightly from March 1 planting intentions of 11.31 million and last year’s 11.61 million acres. Trade estimates of durum wheat seedings match the March planting intentions at 2.0 million acres.