Market News & Headlines >> U.S. Corn Acres Seen Down 1.5%
The grain trade is looking for Thursday morning’s annual Prospective Plantings report from USDA to report that U.S. producers intend to cut corn plantings by about 1.5% this spring, while boosting soybean plantings by about 2.0%.
USDA is also expected to report an increase in U.S. all-wheat planting intentions and in the area that producers intend to plant to cotton.
Pre-report trade estimates of 2022 U.S. corn planting intentions average 92 million acres in a range from 90.0-93.5 million acres, according to a Bloomberg News survey . In 2021, USDA reported March corn planting intentions at 91.144 million acres, but producers wound up planting 93.357 million acres of corn according to USDA’s annual Crop Summary report.
Trade expectations for 2022 U.S. soybean planting intentions average 88.90 million acres in a range from 86.0-92.0 million compared with the March 2021 planting intentions of 87.600 million acres and final 2021 soybean plantings of 87.195 million acres.
U.S. all-wheat planting intentions are expected to total 47.900 million acres in a range from 45.900-49.100 million compared with March 2021 intentions of 46.358 million acres and final 2021 plantings of 46.703. Trade estimates of winter wheat plantings average 34.400 million acres compared with last year’s March estimate of 33.078 and the final plantings acreage of 33.648 million acres.
Trade expectations for U.S. cotton planting intentions average 12.300 million acres in a range from 11.700-13 .000 million compared with last year’s planting intentions of 12.036 million acres and final planted acres of only 11.210 million.
Trade estimates of U.S. rice planting intentions average 2.5 million acres in a range from 2.1-2.7 million acres compared with the March 2021 planting intentions of 2.710 million acres and final planted acreage of 2.532 million.