Total U.S. crop area is down 1.2 percent versus a year ago, but soybean acres are up 2.3 percent, according to today’s much-anticipated “Acreage” report from USDA. Corn acres also are up 1.2 percent versus a year ago, reports Mike Adams, host of AgriTalk.
Overall, farmers planted 320.9 million acres to principal crops this year. That is 3.9 million acres less than last year, but 3.9 million acres more than indicated in the March “Prospective Plantings” report, Adams said.
Farmers planted a record high 77.5 million acres of soybeans this year. That is up 1.8 million acres versus last year and up 1.5 million acres, or almost 2 percent, versus the March planting-intentions report, Adams said.
Corn growers planted 87 million acres of corn. That is up 1 million acres from last year. It also is the second-largest corn acreage in more than 60 years, behind 2007.
The corn market reacted negatively to the report, explains Martyn Foreman, senior economist with Doane Agricultural Services in St. Louis. Listen to his analysis of the "Acreage" report at AgriTalk.
Get more details about the "Acreage" report.
Source: AgriTalk; USDA-NASS