Friday, March 31, 2017

USDA Prospective Plantings Report: Corn Cedes Ground (literally) To Soybeans, Beans Knocked Down

Not that the market was blindsided. As we noted yesterday:
...We're not looking for those kinds of fireworks although there may be some small upside surprises in the Soybeans/Corn acreage ratio....
And if we saw it I'm pretty sure other folks did as well. At today's lows beans were only down a couple percent:

The counter-move in corn was about the same magnitude, albeit with wilder initial oscillations until the 'puters figured out what they were reading:

From AgWeb;

2017 Prospective Plantings: Corn Acreage Down 4%, Soybeans Up 7%

Corn Planted Acreage Down 4 Percent from 2016

Soybean Acreage Up 7 Percent

All Wheat Acreage Down 8 Percent

All Cotton Acreage Up 21 Percent

Corn planted area for all purposes in 2017 is estimated at 90.0 million acres, down 4 percent or 4.0 million acres from last year. Compared with last year, planted acreage is expected to be down or unchanged in 38 of the 48 estimating States.

Soybean planted area for 2017 is estimated at a record high 89.5 million acres, up 7 percent from last year. Compared with last year, planted acreage intentions are up or unchanged in 27 of the 31 estimating States.

All wheat planted area for 2017 is estimated at 46.1 million acres, down 8 percent from 2016. This represents the lowest total planted area for the United States since records began in 1919. The 2017 winter wheat planted area, at 32.7 million acres, is down 9 percent from last year but up 1 percent from the previous estimate. Of this total, about 23.8 million acres are Hard Red Winter, 5.53 million acres are Soft Red Winter, and 3.38 million acres are White Winter....

We'll be back with more on Intentions and with the inventory in storage  report which was issued concurrently.