Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 3/8/17

The magnitude of U.S. planted acreage of corn and soybeans will be important in determining prices for both crops during the 2017-18 marketing year. Projections of planted acreage are currently in an unusually wide range. The wide range reflects uncertainty about how generally low crop prices will impact the magnitude of acreage planted to all crops, how producers will respond to the current favorable price of soybeans relative to corn, and what will become of the nearly 3.8 million acre reduction in winter wheat seedings reported in January. USDA's 2017 planted acreage projections for corn and soybeans presented at last month's USDA Agricultural Outlook Forum reflect the consensus among market observers of less corn acreage and more soybean acreage than planted in 2016. At 90 million acres, the USDA projects 2017 corn planted acreage to be down four million acres from acreage planted in 2016. At 88 million acres, the USDA projects 2017 soybean planted acreage to be up 4.6 million acres from acreage planted in 2016. 

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