USDA released its first peek at 2014 planting expectations at its 2014 Agricultural Outlook Forum in Washington, D.C., Feb. 20-21.
USDA Chief Economist Joe Glauber presented his annual Outlook for U.S. Agriculture that shows USDA anticipates:
- 2014 U.S. corn plantings of 92 acres, compared with 95.4 million acres last year.
- 2014 U.S. soybean plantings of 79.5 million acres, compared with 76.5 million last year.
- 2014 U.S. wheat sowings of 55.5 million acres, compared with 56.2 million last year.
- 2014 U.S. plantings for all cotton of 11.5 million acres, compared with 10.4 million last year.
- Soybean and wheat prices are expected to continue to drift lower, both in this marketing year and the next.
- 2014 U.S. agricultural exports to China expected to top a record $142 billion in 2014.
Glauber’s presentation also shows that USDA anticipates corn demand for ethanol will grow modestly through 2022-23, but ethanol’s share of the U.S. corn crop will decline slightly through 2017 then remain flat into 2023.
Looking ahead at 2014-15 prices, Glauber expects U.S. average soybean prices to drop to $9.65 from this year’s $12.70 per bushel. U.S. corn prices are also expected to drop, from an expected average of $4.50 in 2013-14 to $3.90 in the following marketing year.
USDA projects average wheat prices to decline from an expected $6.80 this marketing year to $5.30 in the following marketing year. Cotton prices will not be spared, falling to a projected 68 cents in 2014-15 from this year’s estimated 76 cents per pound.
Read more from USDA's Agricultural Outlook Forum:
Tight Stocks Could Lead to Price Spikes in 2014
Otherwise, USDA is calling for lower prices in most row crops this year.
What to Watch For in USDA's Outlook Forum
The department’s recent 10-year forecast provides basis for comparison.