USDA planting, stocks estimates out Tuesday
The USDA’s Prospective Planting report is expected to reflect that U.S. farmers intend to plant more corn and soybeans in 2020 than they did in 2019. On average, analysts see this year’s corn acreage at just over 94.1 million acres and project soybeans at 85.0 million, anticipating better planting weather this year after last year’s historic delays in many key U.S. growing areas. Sorghum and rice acreage are also expected to be above a year ago at 5.8 million and 2.9 million acres, respectively, with oats holding steady at 2.8 million and wheat and cotton both down a few hundred thousand acres at 45.0 million and 12.4 million acres, respectively. In 2019, U.S. producers were able to plant 89.7 million acres of corn, 76.1 million acres of soybeans, and 45.2 million acres of wheat, along with 13.7 million acres of cotton, 5.3 million acres of sorghum, 2.8 million acres of wheat, and 2.5 million acres of rice.
The USDA’s Quarterly Grain Stocks numbers are expected to show tighter domestic supplies after the decline in production from 2019 to 2020. Ahead of the report, analysts have March 1st, 2020 corn stocks at an average of 8.134 billion bushels, down compared to 8.613 billion on March 1st, 2019, with soybeans at 2.228 billion bushels, compared to 2.727 billion a year ago, and wheat at 1.430 billion bushels, compared to 1.593 billion last year.
Both reports are out Tuesday at Noon Eastern/11 Central.