From Ag Online:
USDA released its annual Prospective Plantings report Thursday morning, showing U.S. farmers intend to plant 92.2 million acres of corn, 76.6 million acres of soybeans and 58 million acres of wheat this year. The corn and wheat numbers are higher than the trade expected, while the soybean number is slightly below the average trade estimate. All 3 figures are above 2010 planting numbers.
The numbers have trade analysts expecting limit-up early trading for corn and soybeans, with wheat following suit, largely because of tightened grain stocks numbers.
Domestic corn stocks as of March 1 were down 15% from a year ago, at 6.52 billion bushels, according to Thursday morning's USDA Grain Stocks report. Just over half that, 3.38 billion bushels, is in on-farm storage, down 26% from a year ago....MORE
- Marketing Talk: How's the trade reacting?
- More discussion in Marketing Talk
- See Thursday's Grain Stocks report