The USDA’s Prospective Report was not without some surprises.
As compared to last spring, it looks like the nation’s farmers will be cutting back on acres devoted to corn and wheat, but increasing plantings for soybeans and cotton. This from a USDA survey of 70,000 producers across the country.
They say they intend to cut corn planting down to 90 million acres. That would be down 5% from a year ago, and a bigger cut than most industry analysts were projecting that news sent prices up about 17 cents a bushel.
For soybeans, those growers looking to plant 86.5 million acres to beans up 3% from last year, and exactly what the trade expected there. For wheat we’re looking at 47.5 million acres, down 4% with winter wheat down seven. Cotton looks like acreage will be 10.7 million, acres up 3%. This is Gary Crawford reporting for the US Department of Agriculture