More beans to be planted in U.S.

The first official survey-based estimates of U.S. farmers’ planting intentions show producers intend to plant an estimated 89 million acres of soybeans and 88 million acres of corn in 2018.

The soybean acreage number in Thursday’s Prospective Plantings report is down one percent from last year and the planted acreage intentions are down or unchanged in 20 of the 31 estimating states. The largest increase is expected in Indiana. The expected corn acreage is down two percent from last year and if realized, would be the lowest planted acreage since 2015.

Illinois Prospective Plantings:

Corn growers in Illinois intend to plant 11.0 million acres in 2018, down 2 percent from 2017. Soybean planted area is expected to total 10.6 million acres, unchanged from the previous year. Sorghum planted area is expected to total 22,000 acres, up 29 percent from 2017. Winter wheat area seeded last fall is estimated at 560,000 acres, up 12 percent from the previous year. Area planted to oats is expected to total 45,000 acres, up 29 percent from 2017. Producers intend to harvest 470,000 acres of all hay in 2018, down 4 percent from last year.

Illinois Grain Stocks:

Corn stocks in all positions on March 1, 2018 totaled 1.64 billion bushels, up 18 percent from March 1, 2017. On-farm stocks totaled 780 million bushels, while off-farm stocks totaled 864 million bushels.

The December 2017 - February 2018 indicated disappearance is 469 million bushels. Soybean stocks in all positions on March 1, 2018 totaled 375 million bushels, up 35 percent from March 1, 2017. On-farm stocks totaled 140 million bushels, while off-farm stocks totaled 235 million bushels. The December 2017 - February 2018 indicated disappearance is 135 million bushels.

All wheat stocks in all positions on March 1, 2018 totaled 39.4 million bushels, up 8 percent from March 1, 2017. On-farm stocks totaled 1.40 million bushels, while off-farm stocks totaled 38.0 million bushels. The December 2017 - February 2018 indicated disappearance is 7.57 million bushels.