The U.S. Department of Agriculture in its annual Prospective Plantings report surprised the trade with a lower-than-expected forecast for 2018 soybean planted area, while corn planting intentions also were below the average of expectations but wheat area was above due to a large increase in spring wheat other than durum.
The USDA said farmers indicated they intend to plant 88.982 million acres of soybeans in 2018, down 1% from last years record 90.142 million acres and still the second most ever if realized. Planting intentions were down or unchanged in 20 of the 31 estimating states.
Trade expectations for soybean plantings ranged from 89.9 million to 92.6 million acres and averaged 91 million.Farmers intend to plant 88.026 million acres of corn in 2018, down 2% from 90.167 million acres planted in 2017, down 6% from record plantings of 94.004 million acres in 2016 and the lowest since 88.019 million acres in 2015. Planted area is expected to be down or unchanged in 33 of the 48 estimating states, the USDA said.Trade expectations for corn planted area ranged from 87.6 million to 91 million acres with an average of 89.4 million.
All wheat planting intentions were 47.339 million acres, up 3% from 46.012 million acres in 2017 but the second lowest in records back to 1919 after last year.