March 22, 2010

Analysts raises US soy acre estimates, trims corn

Private analytical firm Informa Economics on Friday (March 19) increased its estimates for 2010 US soy and winter wheat acres and trimmed its forecast for corn plantings, traders said.

The firm pegged soy acreage at 78.629 million, compared to its January estimate of 77.9 million, they said. Last year, farmers planted 77.5 million acres of soy, according to the USDA.

Informa estimated corn acreage at 88.427 million, compared to its January estimate of 89.6 million, traders said. The USDA said 86.5 million acres of corn were planted last year.

The firm projected all wheat acreage at 53.655 million, traders said. That is down from 2009 plantings of 59.1 million, according to the USDA.

The firm raised its estimate for winter wheat acres to 37.597 million from its January estimate of 37.1 million, traders said. The USDA in January put winter wheat acres at 37.1, down from 2009 seedings of 43.3 million.

Informa pegged acres of spring wheat other than durum at 13.733 million, compared to USDA's estimate for 2009 plantings of 13.3 million, traders said. The firm projected durum plantings at 2.325 million, compared to the 2.6 million acres planted in 2009, they said.

A CBOT floor analyst said the adjustments for corn and soy were minor and should not have a major impact on CBOT futures prices. A trader said the decreased corn estimate looked friendly for corn futures.

The USDA is slated to issue estimates on corn, soy and spring wheat acreage at 8:30 a.m. EDT March 31 in its prospective plantings report. The crops are planted in the spring, and winter wheat was planted last autumn.