Market News & Headlines >> Soybean Plantings Seen Up from March Intentions
The annual USDA Crop Acreage report due out on June 30 is expected to peg U.S. corn plantings little changed from the March 1 intentions, but indicate a modest increase in soybean acres compared to what producers earlier planned.
Spring wheat/durum seedings are also expected to come in moderately below the March intentions, but still above a year ago, when poor spring weather resulted in record prevented planting claims in the spring wheat belt.
Trade estimates of planted corn acres average 91.73 million in a range from 91.00-92.20 million, according to a survey of 25 analysts by Reuters News Service, compared with March planting intentions of 91.69 million and last year’s 95.37 million planted acres.
Pre-report expectations for soybean planted acres average 82.15 million in a range from 80.5-84.0 million, compared with the March intentions of 81.49 million and last year’s final plantings of 76.53 million acres.
Estimates of “other” spring wheat seedings average 11.86 million acres in a range from 10.50-12.20 million, compared with the earlier intentions of 12.009 million and last year’s seedings of 11.596 million acres. Durum wheat seedings estimates average 1.790 million acres versus the March intentions of 1.799 million and last year’s final seedings of 1.470 million.
The consensus of trade estimates puts U.S. all-wheat seedings at 55.82 million acres, unchanged from March and down from 56.16 million last year.