Market News & Headlines >> USDA Sees Rise in Corn Acreage
The 2016 acreage projections released by USDA at its annual Agricultural Outlook Conference last week offered no big surprises for the grain and soybean markets, although USDA’s wheat forecast was lower than expected.
USDA projected U.S. corn plantings for 2016 at 90.0 million acres, up from last year’s 88.0 million acres, but down from the figure of 90.5 million acres it used in the baseline projections it calculated for budget purposes, which were based on November 2015 conditions. Trade estimates of corn plantings ranged from 88.5-91.0 million acres.
USDA pegged 2016 U.S. soybean plantings at 82.5 million acres, down 200,000 from last year, but up 500,000 from its earlier baseline projection. Trade estimates of soybean plantings ranged from 82.00-85.23 million acres.
USDA cut its forecast for U.S. all-wheat seedings to 51.5 million acres versus last year’s 54.6 million and the earlier baseline projection of 53.0 million, based on smaller-than-expected winter wheat seedings indicated its January survey-based report. USDA’s forecast was below trade estimates that ranged from 51.146-56.000 million acres.
The Outlook Forum corn and soybean acreage forecasts are only projections based on current market conditions and are not based on any survey results,