Market News & Headlines >> Soybean Planting Intentions Seen Up
Tuesday morning’s annual Prospective Plantings report from USDA is expected to show that U.S. farmers intend to plant 2.7% more soybean acres and 2.1% fewer corn acres than they did last year.
Pre-report trade estimates of U.S. corn planting intentions average 88.73 million acres in a range from 87.00-89.70 million versus last year’s final planted acreage of 90.60 million, according to a Reuters News Service survey.
Trade estimates of U.S. soybean planting intentions average 85.92 million acres in a range from 83.10-88.00 million acres compared with last year’s final plantings of 83.7 million acres.
At its annual Outlook Forum in February, USDA forecast U.S. corn plantings at 89.00 million acres and soybean plantings at 83.50 million.
Trade estimates of U.S. all-wheat planting intentions for 2015 harvest average 55.80 million acres in a range from 54.95-56.80 million acres versus last year’s 56.82 million.
Pre-report estimates of winter wheat seedings average 40.73 million acres versus the 40.45 million reported by the USDA in January and last year’s 42.40 million. Estimates of other spring wheat planting intentions average 13.334 million acres versus last year’s 13.03 million. Durum wheat seedings intentions are seen at 1.759 million acres, up from only 1.40 million last year.