Informa Economics this morning released its projections of what USDA’s Prospective Plantings report will include for major crops on March 30. Their (unofficialZ) numbers are:
Corn, 88.5 million. This is down a modest 75,000 acres from Informa’s January estimate and 2.5 below USDA’s Ag Outlook Forum projection.
Soybeans: 87.5 million, down 547,000 from January, probably reflecting the reduced new-crop soybean/corn ratio since January. This is 4 million above USDA’s widely criticized estimate in February.
Grain sorghum: 98.2 million, up 601,000 from January.
All wheat: 56.0, up 1.1 million from January and half a million higher than USDA’s February projection.
All cotton: 9.6 million, down 210,000 from January but less than the 9.7 million USDA projected.
Shortly after the numbers became known, the market is not reacting in any measurable way: Corn, beans and wheat all are up while cotton is mixed.