Farmers expected to plant more soybeans

Apr 04, 2017, 00:27
Farmers expected to plant more soybeans

The U.S. Department of Agriculture in its March 31 Prospective Plantings report forecast soybean planted area in 2017 at a record high of 89.5 million acres, up 7% from a year ago and above average pre-report trade expectations of 88.1 million acres.

USA soybean acres will be up 7 percent from 2016 plantings; 27 of the 31 states releasing intended soybean plantings say they will be up or unchanged from a year ago, including North Dakota, where farmers say they will plant 6.9 million acres to soybeans, a record high and up 14 percent from 2016. That's up 7 percent from 2016, and almost on par with the 90 million acres of corn that's expected. Flaxseed production is also set for a large reduction in acreage, with only 3,000 acres expected compared to 10,000 acres planted in 2016.

Minnesota's oat, barley, sugar beet and sunflower crops all are expected to be smaller this year. This is a decrease of 600,000 acres from 2016 and, if realized, would be the lowest planted acreage since 2008. While planting intentions were considered neutral at 46.06 million acres, the stock report was slightly bearish with 28 million bushels above expectations.

Money managers drastically extended their CBOT corn short position to 155,512 contracts from 81,691 the week prior, and the new stance is the most bearish the funds have been since early October of previous year.

A positive prolonged shift in cotton prices (Dec17 cotton stayed steady at about 73 cents on the heels of the report) seems to have gotten the attention of farmers in other states.

Iowa's 2017 planted soybean acreage was estimated at 10.1 million acres, up 600,000 acres from 2016; Iowa is the U.S.'s 2 largest state soybean producer, trailing only IL.

- Dry edible bean acreage intentions are estimated at 150,000 acres, up 9 percent from 2016.

Winter wheat planted acres in Iowa is unchanged from a year ago at 25,000 acres.

Alabama corn acres will be down 27 percent from a year ago. The 2017 winter wheat planted area, at 32.7 million acres, is down 9 percent from a year ago but up 1 percent from the previous estimate.

Minnesota's 2017 planted soybean acreage was estimated at 8.25 million acres, up 700,000 acres from 2016.

But the funds' buying and selling activity on March 31 - which will be reflected when the next Commitments of Traders data is released this Friday - could show even sharper movements off the back of two key reports for the agriculture markets.

Off-farm stocks, at 1.07 billion bushels, are up 33 percent from last March.

Corn for May delivery was up 6.75 cents, at $3.64 a bushel, while May soybeans lost 17 cents to $9.46 a bushel. Corn stocks were up 10 percent at 8.62 billion, and wheat stocks were up 21 percent at 1.66 billion.

The USDA said Soybean in storage totaled almost 1.74 bu, on 1 March, + 13% from a year ago.

Durum wheat stored totaled 52.8 million bushels, up 24 percent from March 1, 2016.

YOU MIGHT ALSO LIKE
  • Malaysians held in NoKor return home

    Police chief Khalid said the North Korean embassy had at first confirmed the identity, but changed its stance the next day. But he said North Korea should never resort to unlawful action and go against global law and convention again.

    Conte confirms interest of Real Madrid in Chelsea stars

    It was so in the past, and it will be so in the future. "The club is working very well to solve many situations", he said. Crystal Palace manager Sam Allardyce: "Wilfried Zaha's in a very, very good place, and that's all I'm concerned about".

    Xi-Trump meeting to set course of bilateral ties: China

    The message to China was clear: If Trump is willing to do this to his closest allies, consider how tough he'll be on China. Mr Trump previously slammed China for its perceived lack of diplomacy in dealing with North Korea.
  • ICC to bid for cricket in 2024 Olympics

    ICC to bid for cricket in 2024 Olympics

    If approved the game will make a return to the mega event after 124 years after the only appearance coming in 1900 in Paris. Cricket's governing body will decide this summer whether to apply for the sport to become part of the Olympics .
    Joss Whedon closing in on Batgirl movie deal

    Joss Whedon closing in on Batgirl movie deal

    Picture Groups, Toby Emmerich , is working on overseeing the project along with Geoff Johns and Jon Berg . This " Batgirl " movie would mark Whedon jumping from the Marvel Cinematic Universe to the DCEU.

    Uber self-driving auto program hits latest roadblock

    This kind of accident will become more and more common, according to Michael Ramsey, an autonomous vehicle analyst at Gartner. No injuries have been reported as yet apart from damage to at least two other human-driven cars that were within the vicinity.
  • Things to Watch at Final Four of the NCAA Tournament

    Gonzaga is looking to win its first championship as a continuation of the program's rise to prominence after the last two decades. As much as her teammates tried, the sixth-ranked Cardinal couldn't respond without the country's most accurate 3-point shooter.
    Four Kosovars arrested in Venice over plot to attack Rialto Bridge

    Four Kosovars arrested in Venice over plot to attack Rialto Bridge

    Central terror prevention staff, Carabinieri sniffer-dog units, bomb squads and forensics police also took part in the operation. Three alleged Islamic State extremists have been arrested on suspicion of plotting to blow up the Rialto Bridge in Venice.
    Sebastian Vettel right to be positive after Australian Grand Prix qualifying

    Sebastian Vettel right to be positive after Australian Grand Prix qualifying

    Many were expecting them to also bring the fight to Mercedes yet the team seems to have regressed compared to past year . Fans should delight in this news, as the season past year was completely dominated by Mercedes.
  • Upward GDP revision sends Wall St higher

    Bank of America gained 2.3 percent, while other leading banks including Citigroup and Goldman Sachs climbed more than one percent. Jobless claims dropped by 3,000 to 258,000 in the latest week to reach near their lowest level in decades, MarketWatch reported.

    Trump tackles trade abuses ahead of meeting with Chinese president

    The trade gap reached a record level since 2012 a year ago , though the imbalance remains below its previous high in 2006. This has created savings for US consumers.
    Donald Trump is using an iPhone now

    Donald Trump is using an iPhone now

    Does President Trump prefer iPhone or Android? He has his personal Twitter account , as well as the official POTUS account . Last night, we finally got an answer of sorts: Donald Trump is, in fact, tweeting from an iPhone.
popular