Nationally, Soybean acres are projected at 78.1 million acres, up 1% from last year, while corn is expected to be at 88.8 million acres, up 3% from 2009, according to a report of spring planting intentions released today by the U.S. Department of Agriculture.
If planting intentions are realized, this means U.S. growers could harvest a record-large 13.1 billion bushels of corn and a near-record 3.3 billion bushels of soybeans this season.
Here's a summary of comments on today's report:
- Iowa Soybean Association (ISA) CEO Kirk Leeds says although the estimate for soybean acres is higher than last year, it's lower than many expected. “For soybeans, the acreage number isn’t enough to offset huge demand or give any allowance for poor weather,” Leeds says. “The market reflects a clear understanding that long-term demand for soybeans (meal and oil) remains very strong. It appears the global economy is beginning to rebound. As it does, especially in Asia, the rapidly rising trend line in the demand for soy will resume, perhaps more than many expect.”
Matt Hartwig, director of public affairs for the Renewable Fuels Association, says the report will likely not shake the market too much. However, with corn in storage at this point in the year at its highest level since 1987 and even more than what is expected to be processed into ethanol in 2009-10,
he says corn supplies are more than ample and will easily satisfy all demands with corn to spare.
- “There is a lot of corn still in Nebraska and across the country, plenty to satisfy the demands for feed, fuel, food and fiber,” says Kelly Brunkhorst, the Nebraska Corn Board’s director of research. “Over the last year, farmers continued to demonstrate that with today’s technology and know-how, they can produce a very large crop even with the challenges of the long harvest we’ve seen in the past year.”
- All wheat planted are is estimated at 53.8 million acres, down 9% from 2009. The 2010 winter wheat planted area, at 37.7 million acres, is 13% below last year, but up 2% from the previous estimate. Area planted to other spring wheat for 2010 is estimated at 13.9 million acres, up 5% from 2009.
The report pretty much falls in line with the results of a poll of No-Till Farmer readers. Some 46% said they planned to plant a higher percentage of corn, while 35% said they expected to plant a higher percentage of soybeans. Only 12% expected to plant more wheat.