News
Corn, soybean acreage up, but short of estimates
The USDA says farmers planted more corn and soybeans in 2021 than in 2020, but planted area was less than what most analysts were expecting heading into the report.
Corn acreage was reported at 92.692 million acres, about a million fewer than what analysts were expecting, but up 2% on the year, with harvested area seen at 84.495 million acres, also up 2%.
Soybean planted area is pegged at 87.555 million acres, below all estimates, but up 5% from a year ago, with harvested area of 86.720 million acres, compared to 82.318 million. 5% of U.S. soybean acreage is expected to be double crop, steady with 2020.
At the time of the survey’s completion, the USDA says there were still 2.175 million acres of corn and 9.836 million acres of soybeans left to be planted, below last year’s levels.
All wheat acreage was up 5% at 46.743 million acres, more than expected, but the fourth lowest on record, with an 11% increase in winter wheat to 33.683 million acres cancelling out a 5% decrease for spring wheat to 11.580 million acres, partially due to drought or near drought conditions in spring wheat growing areas. Harvested area for all types of wheat is seen at 38.102 million acres, with winter wheat at 25.443 million and spring wheat at 11.215 million acres.
The USDA’s next set of production estimates is out July 12th.
