From DTN Progressive Farmer:
This article was originally posted at 11:03 a.m. CDT. It was updated at 11:18 a.m.
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OMAHA (DTN) -- USDA on Thursday released its Prospective Plantings and March 1 Grain Stocks reports.
USDA sees farmers planting 91 million acres (ma) of soybeans, a new record, while corn acreage is forecast to fall 4% from last year to 89.5 ma.
DTN Lead Analyst Todd Hultman says USDA's new planting intentions are bullish for new-crop corn, moderately bearish for new-crop soybeans and neutral for new-crop wheat. Hultman says the Grain Stocks report was neutral for corn and soybeans, bullish for wheat.
Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
PROSPECTIVE PLANTINGS
USDA sees farmers planting 91 ma of soybeans, a new record, while corn acreage is forecast to fall 4% from last year to 89.5 ma.
For corn, USDA said planted acreage is expected to be down or unchanged in 43 of the 48 states, resulting in 3.87 ma fewer acres planted to corn than last year. It's the lowest acreage estimate in five years.
For soybeans, USDA's record estimate is 4% higher than last year, with acreage up or unchanged in 24 states....
....MUCH MORE, including the quarterly inventory report.
From the USDA: https://release.nass.usda.gov/reports/pspl0322.txt
Soybeans down 36.00 (2.16%) at 1628.00
Corn up 14.25 (1.93%) at 752.25
Wheat up 7.50 (0.73%) at 1034.75
