Source: Rita Jane Gabbett, MEATINGPLACE, 3/31/16


USDA reported U.S. farmers are expecting to plant 93.6 million acres of corn, up 6 percent from last year and well above the roughly 90 million acres analysts were expecting, sending corn futures prices down sharply in afternoon trade on the Chicago Mercantile Exchange.

If realized, this would represent the highest planted acreage in the United States since 2013, and would be the third-highest planted acreage in the United States since 1944, according to USDA’s annual Prospective Plantings report, based on a survey of farmers.  

Soybean planted area for 2016 is estimated at 82.2 million acres, down less than 1 percent from last year, but below the roughly 83 million acres analysts were expecting, according to a pre-report survey by Reuters.

Corn futures prices were down about 15 cents per bushel to about $3.51 per bushel for May delivery while soybean futures prices were up about 1 cent per bushel to around $9.10 per bushel for May delivery in afternoon trade.

Grain Stocks
USDA also released its Grain Stocks report, showing corn stocks in all positions on March 1 totaled 7.81 billion bushels, up 1 percent from March 1, 2015, and slightly higher than analysts’ expectations, which averaged 7.801 billion bushels. 

Soybeans stored in all positions on March 1 totaled 1.53 billion bushels, up 15 percent from March 1, 2015, and slightly below what analysts were expecting, which was, on average, 1.556 billion bushels.

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