The long awaited planting intentions report has been released with mixed numbers.
This year’s U.S. corn plantings are forecast at 89.5 million acres, a 4% reduction from last year’s 93.4 million acres. Soybean acres are projected at a record 91 million, a 4% increase from last year’s 87.2 million. Total wheat acres in the United States are forecast at 47.4 million, up 1% from last year, but the fifth lowest total since 1919.
These compare to trade estimates of 92 million acres for corn, 88.9 million acres for soybeans and 48 million acres for wheat.
Quarterly stocks data was also released with less fanfare.
As of March 1, the United States had 7.86 billion bushels of corn in storage, a 2% increase from a year ago. Soybean stocks totaled 1.93 billion bushels, a 24% increase on the year. Wheat stocks totaled 1.03 billion bushels, a yearly decline of 22%.
Of these, only corn had more on-farm inventory than off-farm. On-farm corn reserves totaled 4.08 billion bushels versus off-farm of 3.77 billion...