Farmers may plant fewer corn acres

It appears farmers may hold back on corn planting if the March 31 USDA planting report is any indication.

Thursday’s USDA Prospective Plantings information had a corn acreage estimate of 89.5 million acres while the expected number was close to 92 million. The soybean estimate was 91 million with expectations around 88.73 million acres.

“If you add those two primary crops together, you get 180.5 million acres of corn and beans and Farm Futures had that number at 182.6,” said Roy Plote of PCI, a division of L&M Commodities.

Plote notes that oats are still “screaming” for acres while barley is going to pick up some acres. Also, wheat wasn’t much different than the average guess.

Quarterly stocks for corn were 7.85 billion bushels, with 7.88 billion expected.

“Compared to last year, however, that number is higher,” explained Plote.

Soybean stocks were 1.93 billion with 1.90 expected. Last year, they were at 3.15. This indicates soybeans are leaving here quicker than corn but we probably need to hang onto the corn in order to increase ethanol production. Wheat stocks were 1.02 billion bushels with 1.05 anticipated.

Nearby corn was up about 20 cents after the report Thursday morning with new crop practically up the limit at one time. May wheat was up 14.5 with July up 13.5. Nearby soybeans were down 15 with new crop down more than 20.