Report Seen Showing More Corn Acres
Wednesday’s USDA crop acreage report is expected to show corn plantings rising by over 1 million acres from the March 1 intentions, with soybean acres falling modestly.
However, the report won’t settle questions about the impact on acreage of the heavy rains in late May and early June, which delayed planting and caused the replanting of significant acreage in the northern half of the Midwest.
Trade estimates of U.S. corn plantings average 80.182 million acres in a range from 70.5-80.7 million acres, compared with USDA’s March 1 planting intentions figure of 79.004 million acres, according to a survey done by OsterDowJones Commodity News Service.
Plantings at the average of trade estimates would be up 1.5% from the March 1 intentions and 1.8% from last year’s actual plantings of 78.736 million acres.
Estimates of U.S. soybean plantings average 74.979 million acres in a range from 74.2-76 million, versus USDA’s March 1 intentions figure of 75.411 million acres.
Soybean plantings at the average of trade estimates would be down 0.6% from the March 1 intentions, but up 2.1% from last year’s actual plantings of 73.404 million acres.
Planting delays may have forced some corn acreage into soybeans in the northern Midwest, but cool, wet conditions will prevent the planting of some soybean acreage across Wisconsin and Michigan.
As of June 20, 84% of the Wisconsin soybean crop had been planted, versus the five-year average of 96%, while 87% of the Michigan crop had been planted versus the average of 87%.
Both soybeans and corn (but primarily soybeans) could pick up some acreage from cotton in the South. Trade estimates of cotton plantings average 710,000 acres below USDA’s March 1 intentions figure of 14.4 million.
Spring wheat/durum seedings are expected to fall slightly from intentions. The average of trade expectations for spring wheat/durum plantings is 114,000 acres below USDA’s March 1 intentions of 16.09 million.
Editors note: Richard Brock, The Corn and 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 .