With all the weather-related planting delays we’ve had, USDA’s Acreage report out Friday was a big surprise to the trade with corn acres estimated to be three percent higher than last year. At the same time, soybean acres are estimated to be the lowest in six years.
Corn planted area for all purposes in 2019 is estimated at 91.7 million acres, up 3 percent from last year. Compared with last year, planted acres are up or unchanged in 40 of the 48 estimating States. Area harvested for grain, at 83.6 million acres, is up 2 percent from last year.
Soybean planted area for 2019 is estimated at 80.0 million acres, down 10 percent from last year. This represents the lowest soybean planted acreage in the United States since 2013. Compared with last year, planted acreage is down in all 29 estimating States.
USDA also estimates all wheat planted area for 2019 at 45.6 million acres, down five percent from last year and the lowest all wheat planted area on record since records began in 1919. All cotton planted area for 2019 is estimated at 13.7 million acres, three percent below last year.
The MGEX Crop Report conference call featured commentary from Brian Hoops of Midwest Market Solutions.
MGEX call commentary, Brian Hoops, Midwest Market Solutions