USDA Prospective Plantings & Quarterly Grain Stocks Report

U.S. farmers intend to plant less corn and soybeans and more wheat in 2018-19.

The area seeded to corn in 2018-19 is estimated to be 88.0 million acres, down 2.2 million acres from last year.

2018-19 U.S. soybean acreage at 89.0 million acres is down 1.1 million acres from last year.

2018-19 U.S. wheat acreage was increased by 1.3 million acres to 47.3 million. Of this, the intended area seeded to spring wheat is up 1.6 million acres to 12.6 million and durum is down 300,000 acres to 2.0 million acres.

Meanwhile, today’s USDA quarterly grain stocks report indicated higher than anticipated supplies of corn and soybeans and less wheat.

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