More corn, but less soybeans, wheat and cotton is USDA’s forecast for Prospective Plantings this season.
The report released on Friday puts corn planted acres for this year at 92.8 million acres, up 4 percent or 3.66 million acres from last year. Soybean planted area for 2019 is estimated at 84.6 million acres, down 5 percent from last year. All wheat acreage is estimated to be four percent lower than 2018 and all cotton acreage is down two percent.
All wheat planted area for 2019 is estimated at 45.8 million acres, down 4 percent from 2018. This represents the lowest all wheat planted area on record since records began in 1919. The biggest hit comes in the Durum planted area for 2019 is estimated at 1.42 million acres, down 31 percent from the previous year. Both spring and winter wheat are down about three percent.
MGEX held a call for reporters about the report featuring commentary from Jack Scoville of The PRICE Futures Group. Listen here:
MGEX crop call 3-29-19