Joe Victor is a Business Development Specialist with Minneapolis Grain Exchange, Inc., where he monitors cash grain activity and cash grain opportunities. He provides marketing advice through this blog.
Acreage Survey Says
Mar 13, 2009
McHenry, Illinois based analytical research/introducing brokerage firm Allendale, Inc. announces results of its 20th annual farmer survey. The survey, which included participation from 23 states, was said to estimate the following 2009 planted acreage, in millions:
Allendale 09 Chg vs. 08
Corn 85.406 -.576
Soybeans 80.439 +4.721
Total Wheat 57.977 -5.170
Winter Wheat 42.147 -4.134
Durum Wheat 2.597 -.134
Other Spring Wheat 13.233 -.902
Corn planting intentions of 85.406 million acres represents the third largest planted acres in the past 60 years. Acres will decline for two years in a row from the 2007 level of 93.527. Peak planted acres of 113.024 million occurred in 1932. Using Allendale Inc. 156.95 bushel/acre trend yield, it would imply production of 12.240 billion bushels which is the second highest ever.
Soybean planting intentions of 80.439 million acres are a new record. In just two years, acreage will have jumped 15.7 million. Using Allendale Inc. 42.44 bushel/acre trend yield, it would imply soybean production of 3.367 billion bushels, a new record. From last year's levels it would be a jump of 408 million bushels.
Wheat acreage is estimated at 57.977 million acres. This is the third smallest in the past 30 years Using Allendale Inc. 43.95 bushel/acre trend yield, it would imply wheat production of 2.170 billion bushels versus last year's 2.500 billion bushel production.
Allendale Inc would appreciate your thoughts and ideas in response to its 20th annual farmer driven survey. Have Midwest farmers left enough room for major adjustments to their acreage intentions once they are actually in the field or are their intentions solidified? Based on acreage intentions described above, Allendale has made adjustments to its corn, soybeans and wheat, supply/demand and old crop/new crop marketing plans. If you have any questions about marketing alternatives, give us a call 800 551 4626….Joe Victor
The thoughts expressed and the basic data from which they are drawn are believed to be reliable but cannot be guaranteed. Any opinions expressed herein are subject to change without notice. Hypothetical or simulated performance results have certain inherent limitations. Simulated results do not represent actual trading. Simulated trading programs are subject to the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Commodity trading may not be suitable for recipients of this publication. This is not a solicitation of the purchase or sale of any commodities. Those acting on this information are responsible for their own actions. Any republication, or other use of this information and thoughts expressed herein without the written permission of Allendale, Inc., is strictly prohibited. Allendale Inc. c2009