All wheat plantings forecast down with rise in cotton
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U.S. corn planted acres are projected at 90 million acres for 2017 while soybean acres are seen at 88.0 million, according to projections released at USDA’s 93rd Outlook Forum held near Washington, DC.
Levels currently projected by USDA compare to 94 million planted acres for corn and 83.4 million acres for soybeans for 2016.
USDA expects wheat plantings at 46 million acres, down from 50.2 million acres in 2016, while all cotton acres are forecast to rise to 11.5 million acres in 2017 compared to 10.1 million in 2016.
Other feed grain acres are expected at 11.7 million acres compared to 12.6 million in 2016 while rice area is seen falling to 2.6 million acres, down from 3.2 million in 2016.
Based on expectations for prevented planting levels returning to more-normal levels and current price relationships, USDA Chief Economist Robert Johansson said the area planted to the eight major crops is expected at 249.8 million, down from 253.4 million acres in 2016.
PERSPECTIVE: Based on a survey of traders by Reuters, the expectations indicate less corn acres, slightly more soybean acres, less wheat and more cotton acres than traders were looking for ahead of the report. This could offer light support for corn and pressure for soybeans, but the focus now will shift to the detailed balance-sheet information which USDA analysts will unveil Friday morning.
NOTE: This column is copyrighted material; therefore reproduction or retransmission is prohibited under U.S. copyright laws. |
