It’s the report producers have been waiting for: USDA’s annual Prospective Plantings.
However, between those numbers and new grain stock numbers, markets took a beating on Friday. Traders are looking for relief today.
First, Prospective Plantings, USDA is calling for corn to be king this year. It’s estimated at 92.8 million acres. That's up 4 percent or 3.66 million acres from last year. That came in above trade estimates. Soybeans are estimated to be 84.6 million acres, down 5 percent from last year. Wheat is estimated at 45.8 million acres. That's down 4-percent. That represents the lowest all wheat planted area since they began keeping records in 1919. The cotton estimate is 13.8 million acres, 2 percent less than last year.
AgDay talked with Joe Vaclavik of Standard Grain and Ben Brown with the Farm Management Program and The Ohio State.