Corn Acres Seen Down From Intentions
The USDA Crop Acreage Report, set to be released Friday at 7:30 a.m. CDT, is expected to show U.S. corn plantings down from the March planting intentions, with soybean acres and spring wheat acres slightly higher.
According to a BridgeNews Survey, grain industry analysts' estimates of corn plantings average 76.173 million acres in a range from 75.2-76.82 million acres. The average of estimates is 520,000 acres below USDA's March planting intentions estimate.
The average of trade estimates for soybean plantings is 76.817 million acres, with estimates ranging from 75.55-77.4 million acres. The average of estimates is 160,000 acres above USDA's March planting intentions figure.
Corn acreage losses are expected primarily in the northwest Corn Belt, where extremely wet spring weather prevented plantings. Corn acreage is likely to be up in Plains states, particularly Kansas, due to high abandonment of winter wheat acres and good planting conditions.
Some corn acreage may have been switched to soybeans in the northwest Corn Belt, but that switching was probably offset by continued wet weather there, which prevented some soybean fields from being planted.
Soybean acreage is expected to be up in the Plains states, with increases possible in Delta states as well, due to low cotton prices.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com.