USDA has, surprisingly, increased its planted area estimate for corn. Most analysts expected a decrease following a late start to planting and widespread flooding in some key U.S. growing areas. The average guess was 90.776 million acres, compared to 92.178 million in March and the 2010 total of 88.192 million acres.
USDA pegs corn acreage at 92.282 million acres, up around 400,000 from the March 31 estimate, 5% above last year and the second highest since 1944. Harvested acreage is seen at 84.888 million acres, 4% above 2010.
Soybeans are estimated at 75.208 million acres, down more than a million from USDA’s last guess and 3% below a year ago. Prior to the report, analysts saw beans around 76.476 million acres, compared to the March 31 guess of 76.609 million and the 2010 total of 77.404 million acres. Harvested area for beans is projected at 74.258 million acres, also 3% below 2010.
Spring wheat acreage is estimated at 13.627 million acres, roughly 800,000 less than the previous estimate and 1% lower than last year. The average estimate was 13.324 million acres, compared to the prior guess of 14.427 million acres and the 2010 total of 13.698 million.
All wheat acreage came out at 56.433 million acres, compared to 53.603 million a year ago, with harvested area at 47.174 million acres, compared to 47.637 million last year. Winter wheat was pegged at 41.108 million acres, compared to 37.335 million in 2010, while harvested area is seen at 32.307 million acres, compared to 31.749 million a year ago.
The numbers look bearish for corn futures and neutral to supportive for soybeans.
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