Although farmers won't be planting anytime soon here in the Northern Corn and Soybean Belt, interest was still high in seeing the numbers in the USDA's March 31st planting intention report Now many analysts had anticipated that the numbers would reflect an increase in soybean acreage and the report did not disappoint. According to the USDA.....bean acreage is estimated at a record high 81.5 million acres...up 6% from last year. Compared to 2013 soybean intentions are up or unchanged across all states except Missouri and Oklahoma. As for the stocks report the USDA reports that soybean stocks are at 992 million bushels or down 1% from last year. The price estimate for beans remains unchanged with a range between $11.50 - $12.50 a bushel.
The USDA is estimating that 91.7 million acres will be planted....that is down 4% from last year. If realized, this would be the lowest planted acreage to corn since 2010. Still corn stocks are strong... up 30% from 2013 at 7.01 billion bushels. Price forecast for corn remains in a range from $4.25-$4.75 per bushel.
For wheat..the USDA is estimating 55.8 million acres to be planted...that is down 1% from last year. The 2014 winter wheat acres are reported to be down 3% , while spring wheat planted acreage is estimated to be up 4% from 2013. As for wheat stocks that number is 1.06 billion bushels...down 15%. The average price of wheat is in the range of $6.60 -$6.90 a bushel.
Again these are just estimates and a lot can change, however it does give the market an indication of what type of production year we may have. Of course for most farmers right now, their priority is not how many acres their neighbors are going to plant, but when they will be able to get out into their fields to plant their crops.