Area planted to corn was estimated at 97,379,000 acres, up 97,000 acres from March intentions of 97,282,000 acres, up 224,000 acres from 97,155,000 acres in 2012, and the highest on record since 102 million acres in 1936, the USDA said. Corn area for harvest was estimated at 89,135,000 acres, up 1,760,000 acres, or 2 percent, from 87,375,000 acres a year ago.
The corn planted area was well above the average of trade expectations of 95,340,000 acres. New crop corn futures prices tumbled more than 20 cents a bushel after the release of the report.
Soybean planted area was estimated at 77,728,000 acres, up 602,000 acres, or about 1 percent, from March intentions of 77,126,000 acres, and up 530,000 acres, or less than 1 percent, from 77,198,000 acres last year, the USDA said. Area for harvest was estimated at 76,918,000 acres, up 814,000 acres, or 1 percent, from 76,104,000 acres in 2012.
The soybean planted area was below the average trade pre-report estimate of 78,024,000 acres, but new crop soybean futures prices still declined about 10-15 cents a bushel after the report.