Market News

Allendale survey indicates rising soybean, wheat acreage

Allendale Inc.’s 24th annual acreage survey shows producers expect to plant more soybeans and wheat this year, with a slight decline in corn acreage.

2013 U.S. corn acreage is projected at 96.956 million acres, up about 450,000 from USDA’s Ag Outlook Forum, but down 199,000 from the 2012 total. Allendale’s using a trend line yield of 156.97 bushels per acre with implied production at 13.912 billion bushels.

Soybeans are estimated at 78.324 million acres, 820,000 larger than USDA’s recent, unofficial guess and 1.126 million more than last year. With Allendale’s expected yield of 43.35 bushels per acre, production would be the second highest on record at 3.349 billion bushels.

All wheat acreage is seen at 56.261 million acres, up 525,000 from 2012, with increases in winter and durum wheat against a decline in other spring wheat types. Winter is pegged at 42.029 million acres, a rise of 705,000, other spring wheat is seen at 12.056 million acres, down 223,000, and durum is estimated at 2.176 million acres, up 53,000. Allendale’s using a trend line yield of 45.20 bushels per acre, which works out to production of 2.204 billion bushels.

According to the McHenry, Illinois based brokers and analysts, a record number of producers in 33 states responded to the survey.

USDA’s prospective planting figures for corn and soybeans are out March 28 and wheat production numbers are out in May.