February 17, 2011

 

Soy plantings to set US record

 

 

In the midst of the furore over preliminary official estimates for US spring plantings, Deere & Co came out with its own estimates, pegging sowings of soy even larger at a record high.

 

The tractor maker agreed with the USDA's forecast that domestic corn sowings will hit 92 million acres this year.

 

However, it raised the bid on soy acres by one million acres to 79 million acres, easily surpassing the record 77.5 million acres set two years ago.

 

The extra area would come at the expense of wheat, for which seedings were estimated at 55.5 million acres, 1.5 million acres below the USDA figure, and the lowest - excluding last year's historically low total - for nearly 40 years.

 

Factoring in the high rate of winter wheat sowings, this figure implies a fall of 1.8 million acres in spring seedings - or a rich rate of replanting with other crops of winter wheat areas struggling with a lack of rainfall.