Corn, soybean acreage lower than expected
The USDA’s planted area figures for corn and soybeans came in below many pre-report expectations. The total for corn is estimated at 92.006 million acres, about 5 million less than what the USDA was expecting in March and more than 3 million below the average pre-report guess, but up 2.306 million acres from 2019, which saw historic delays caused by wet weather in many key U.S. growing areas. Harvested area for corn is seen at 84.023 million acres, compared to 81.322 million in 2019. Soybean planted area is pegged at 83.825 million acres, up a few hundred thousand from March and 10% above a year ago, but about a million acres less than pre-report expectations. Harvested area for soybeans is expected to be 83.02 million acres, compared to 74.951 million last year.
The USDA says the corn and soybean numbers include millions of acres that producers were still planning to plant as recently as June 16th, 2.239 million acres for corn and 12.101 million acres for soybeans, so these totals could change in coming months.
Planted area for all types of wheat was the lowest on record at 44.25 million acres. That’s 2% less than last year, including 30.55 million acres for winter wheat, 2% lower than a year ago, with 21.5 million acres of hard red winter, 5.63 million acres for soft red winter, and 3.42 million acres of white winter, and 12.2 million acres of non-durum spring wheat, a year to year decrease of 4%. Harvested area for all types of wheat is projected at 36.678 million acres, compared to 37.162 million in 2019, with winter wheat at 23.439 million acres, compared to 24.327 million last year, and non-durum spring wheat harvested area of 11.795 million acres, compared to 11.660 million a year ago.
Just after the release of the report, corn, soybean, and wheat futures established new highs for the session.