AgMarket.Net forecasts U.S. corn acreage at 90.7 million, soybeans at 89.8 million

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AgMarket.Net forecasts U.S. corn acreage at 90.7 million, soybeans at 89.8 million

Private estimates are coming in ahead of USDA’s planting intentions report March 31st.

Matt Bennett with AgMarket.Net says they’re forecasting 90.7 million corn acres, 89.8 million for soybeans, and wheat at 48.3 million acres.

“We know the USDA has already printed 2 million-plus acres of all wheat. And whenever you start putting acreage like that out, for instance we know cotton acres are going to be up at least some, then maybe it’s pulling away from that acreage mix of corn and beans (which) last year (were) 180 (million acres). But not so fast, I guess would be our thought process.”

He tells Brownfield that’s because price levels are so robust.

“You have spring prices of $5.90 and $14.33 for December Corn and November Soybeans, those certainly are not going to scare away acres by any stretch of the imagination.”

Bennett points out USDA’s prospective planting estimates will be based off data collected before March 1st.  He says corn futures have had a better month than soybeans and that won’t be reflected in Thursday’s report.

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