This year’s soybean acreage is pegged at just over 77 million acres, lower than the range of trade expectations and a slight decrease from last year.
Corn stocks as of March 1st came in at 5.4 billion bushels, about the highest trade estimate and down 10% from a year ago. Farmers are expected to plant slightly more acres to corn than last year. If realized that would make the acreage the largest since 1936 when an estimated 102 million acres were planted to corn.
Wheat acres came in right at the average trade guess at 56.4 million acres, a 1% increase from last year.