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.

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