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Expect More Acres for Both Corn and Wheat

June 28, 2012
USDA soybean field
  

Two major corn and soybean market reports are due from USDA Friday morning, but they're fighting with weather for attention.

USDA's Acreage report, issued annually near the end of June, normally is one of the most-watched reports of the season.

This year it's taking a back seat to hot, dry weather that threatens crops across the central and eastern Corn Belt. Still, analysts have been making their best guesses on planted acreage of major crops.

Ahead of the Acreage report to be issued Friday morning at 7:30 Central time, here's how the numbers stack up:

Corn

USDA's March Prospective Plantings report projected corn plantings at 95.86 million acres, up 4% from 2012 and the highest corn planted acreage since 1937.

Ahead of Friday's report, trade estimates of corn acreage range from 94.3 million to 96.76 million acres, with an average of just under 96 million.

Soybeans

In March, USDA projected soybean plantings at 73.9 million acres, down 1% from last year and down 5% from 2010.

Trade estimates this week range from 74.5 to 76.5 million acres, with an average of about 75.6 million.

Planting Pace Favors More Corn

"When producers get an open window to plant corn, they plant corn aggressively," noted Rich Nelson, research director at Allendale, Inc., McHenry, Ill., in a webinar this week.

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RELATED TOPICS: Corn, Soybeans, Marketing, Crops, USDA, Exports

 
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