USDA Projects Massive Swing To Corn Acres

Corn acres keep climbing higher according to USDA’s National Ag Statistics Service, again at the expense of soybeans.  The department’s annual acreage report released Friday pegs corn acres nationwide at 94.1 million acres, a gain of six percent year-over-year.  That’s 5.5 million acres higher than last year and two million higher than March’s prospective plantings report.  This was also one million acres more than the most optimistic trader estimates.  USDA projects 86.3 million corn acres will be harvested this fall.  Missouri is now believed to have 3.65 million corn acres planted, up 300,000 from last year and 200,000 stronger than March’s projections.  The fall harvest is projected to occur on 3.48 million acres.

The increase for corn resulted in a comparable drop for soybeans.  Just 83.5 million acres are projected to have been planted this spring, down almost four million from last year, or about five percent.  Steady rains in the Upper Midwest have USDA suggesting that 8.2 million acres still have to be planted this season.  The fall’s bean harvest is set to occur on 82.7 million acres.  Missouri’s soy acreage is now projected to drop a half-million acres to 5.6 million, with all but 50,000 acres forecast for harvest.

Despite drought conditions developing early in the season, Missouri is predicted to have an extra 45,000 acres for hay this year.  The 3.23 million acres includes 225,000 alfalfa acres.  Nationwide hay acreage is up 2.4 million acres at just under 52 million.  Rice acreage is up 460,000 nationwide at 2.69 million acres, including an extra 40,000 this year in Missouri at 195,000.  Missouri’s cotton acreage is down 10,000 acres at 350,000, contributing to the 19-percent slide nationwide at 11.1 million acres.