USDA expects more corn, wheat and cotton to be planted this year, but slightly less soybeans, according to the Prospective Plantings report released this morning.
Corn growers intend to plant 92.2 million acres of corn for all purposes this year, up 5 percent from last year and 7 percent higher than in 2009. If realized, this will be the second highest planted acreage in the United States since 1944, behind only the 93.5 million acres planted in 2007. Soybean planted area for 2011 is estimated at 76.6 million acres, down 1 percent from last year. If realized, the United States planted area will be the third largest on record. All wheat planted area is estimated at 58.0 million acres, up 8 percent from last year. All cotton plantings for 2011 are expected to total 12.6 million acres, 15 percent above last year.
*POST UPDATE*
Listen to commentary about the report from Brian Hoops on Midwest Market Solutions who participated in this morning’s Minneapolis Grain Exchange (MGEX) Crop Report Conference Call.