(WASHINGTON D.C.) — U.S. farmers are expected to plant just over 95 million acres of corn this spring according to the newly released March 31st Prospective Plantings report.
USDA says that farmers will plant 95.326 million acres of corn this year, up from the average pre-report estimate of 94.361 million acres and above the February USDA Ag Outlook forum number of 94 million acres. Meantime, the soybean acreage number came in slightly below pre-report estimates at 83.495 million acres on the report. The pre-report estimate was for 83.762 million acres and the February Ag Outlook forum number was calling for 84 million acres.
The all wheat acreage number was 45.350 million acres, down from the average trade guess of 46.475 million acres and down from the February Ag Outlook number of 47 million acres. Spring wheat acres came in lower than pre-report estimates at 10.020 million acres while durum came in slightly above pre-report estimates at 2.015 million acres. U.S. cotton acreage is expected to be lower as well coming in at 9.867 million acres, down from the Ag Outlook forum number of 10 million acres.
On the grain stocks side, there were not many changes of note on the report. Corn stocks as of March 1st came in at 8.151 billion bushels, matching trade expectations exactly. Soybean stocks were slightly higher at 1.910 billion bushels while wheat stocks were slightly higher as well at 1.237 billion bushels according to USDA.
View the full Prospective Plantings here: https://usda.library.cornell.edu/concern/publications/x633f100h
View the Quarterly Grain Stocks here: https://usda.library.cornell.edu/concern/publications/xg94hp534
