WASHINGTON – The US Dept. of Agriculture, in its March 29 annual Prospective Plantings report, said farmers in 2019 intend to plant 4 percent more acres of corn than a year ago and 5 percent fewer acres of soybeans.
The USDA said farmers intend to plant 92,792,000 acres of corn in 2019, up 4 percent from 89,129,000 acres planted last year and compared with 92 million acres projected at the Agricultural Outlook Forum, with acreage expected to be up or unchanged from 2018 in 34 of the 48 estimating states.
Soybean planted area was projected at 84,617,000 acres, down 5 percent from 89,196,000 acres in 2018 and compared with 85 million acres projected in February, with acreage down or unchanged in 26 of the 29 estimating states.
The USDA corn planting intention number was above the full range of trade expectations that averaged 91,332,000 acres. The USDA soybean number was near the low end of trade expectations that averaged 86,169,000 acres.
Corn, wheat and soybean futures all traded lower shortly after the 11:00 a.m. Central Time release of the USDA data.
It should be noted that the USDA Prospective Plantings survey was conducted during the first two weeks of March, prior to the worst of the flooding in the western Corn Belt and other areas. As a result, some analysts and traders suspect acreage may change considerably by the time actual plantings are reported in the USDA’s June 28 Acreage report.