March 14, 2014

 

US to boost soy plantings to record 83.2 million acres

 

 

A survey of growers by Illinois-based research and brokerage firm Allendale Inc. revealed that US farmers will boost soy plantings to a record 83.212 million acres this spring and reduce sowings of corn to the lowest in three years.

 

If realised, the soy sowings would top last year's plantings of 76.533 million acres as well as the USDA's initial forecast last month of 79.5 million acres, the survey showed. The record for soy plantings of 77.451 million was set in the 2009-10 marketing season.

 

On March 31, USDA will release its annual prospective plantings report that is based on surveys of tens of thousands of farmers.

 

Allendale's survey, based on growers in 28 US states, said farmers would seed 92.349 million acres of corn, down from 95.365 last year but up from USDA's estimate in February of 92 million acres. The corn plantings would be smallest since the 2011-12 marketing season.

 

Wheat acreage was pegged at 55.324 million acres, below the USDA estimate last year of 56.156, according to Allendale.