USDA sees producers planting 90.0 million acres of corn and 86.5 million acres of soybeans this year, in USDA’s prospective plantings report released on Thursday. All wheat came in at 47.498, cotton at 10.673, sorghum 6.395 million acres.
From Arlan Suderman at StoneX:
USDA released its quarterly stocks and planting intentions survey results today, with the results reported below, relative to expectations. The key takeaway from the reports was the decline in corn acres to 90.036 milion, down more than 1.7 million from trade expectations. Soybean acres came in at 86.510 million, which was near expectations. That gives combined corn and soybean acreage of 176.5 million, down more than 2 mllion on the year. Soybean stocks also came in lower than expected by 80 million bushels, suggesting that USDA may have over-stated the size of last year’s crop. Today’s corn acreage spurred immediate short-covering by managed money, resulting in double-digit gains.
