USDA’s Prospective plantings numbers for corn and soybeans were met with skepticism, but the market had to wait until the department’s June 30 Acreage Report for a survey-based update on actual intentions. Corn plantings are expected to rise notably from March intentions, but there’s more uncertainty regarding how much (if any) rise in planted acreage is likely for soybeans. June 1 stocks of corn, soybeans and wheat are all expected to tighten dramatically compared with year-ago levels. But this is a report traders have struggled to peg, especially corn stocks.
The following expectations are generated by survey work by Reuters.
Expectations for | |
Corn – million acres | |
Average est. | 93.787 |
Range | 92.000-95.840 |
Pro Farmer/Doane survey | 93.600 |
USDA March forecast | 91.144 |
USDA final 2020 | 90.819 |
| |
Soybeans – million acres | |
Average est. | 88.955 |
Range | 87.900-90.400 |
Pro Farmer/Doane survey | 88.700 |
USDA March forecast | 87.600 |
USDA final 2020 | 83.084 |
| |
All wheat – million acres | |
Average est. | 45.940 |
Range | 44.200-46.940 |
Pro Farmer/Doane survey | 46.000 |
USDA March forecast | 46.358 |
USDA final 2020 | 44.349 |
| |
Winter wheat – million acres | |
Average est. | 33.028 |
Range | 32.000-33.800 |
Pro Farmer/Doane survey | 33.100 |
USDA March forecast | 33.078 |
USDA final 2020 | 30.415 |
| |
Other spring wheat – million acres | |
Average est. | 11.408 |
Range | 10.500-12.230 |
Pro Farmer/Doane survey | 11.300 |
USDA March forecast | 11.740 |
USDA final 2020 | 12.250 |
| |
Durum wheat – million acres | |
Average est. | 1.513 |
Range | 1.300-1.600 |
Pro Farmer/Doane survey | 1.600 |
USDA March forecast | 1.540 |
USDA final 2020 | 1.684 |
| |
Cotton – million acres | |
Average est. | 11.856 |
Range | 11.500-12.400 |
Pro Farmer/Doane survey | 11.900 |
USDA March forecast | 12.036 |
USDA final 2020 | 12.093 |
|
|
Expectations for | |
Corn – billion bu. | |
Average est. for June 1, 2021 | 4.144 |
Range | 3.917-4.546 |
USDA March 1, 2021 | 5.003 |
USDA June 1, 2020 | 7.701 |
| |
Soybeans – billion bu. | |
Average est. for June 1, 2021 | 0.787 |
Range | 0.696-0.952 |
USDA March 1, 2021 | 1.381 |
USDA June 1, 2020 | 1.564 |
| |
Wheat – billion bu. | |
Average est. for June 1, 2021 | 0.859 |
Range | 0.777-0.960 |
USDA March 1, 2021 | 1.028 |
USDA June 1, 2020 | 1.314 |
| |