Farmers to plant record low wheat acres, most soybeans ever

Farmers to plant record low wheat acres, most soybeans ever

Farmers to plant record low wheat acres, most soybeans ever

Last summer, South Dakota State University Extension Crop Business Specialist Jack Davis said corn prices could improve with a 3 to 5 million reduction in acres planted nationwide.

The United States has more than 1 billion bushels of surplus wheat in storage and the oversupply has driven wheat farmers in several states including Kansas, Michigan, Minnesota, Nebraska, North Dakota, Ohio and South Dakota to shift previously planted wheat acres to soybeans.

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 past year, including North Dakota, where farmers say they will plant 6.9 million acres to soybeans, a record high and up 14 percent from 2016.

Soybean acres in the state are expected to hit a record, up 14 percent to 6.9 million acres.

Producers intend to plant 10.1 million acres of soybeans in Iowa this year. Rice acreage is expected to fall 40 percent, while sorghum acreage could be the lowest on record. Upland cotton will account for 12 million of those acres, a 2.1 million acre jump over last year's upland acreage.

At 89.5 million acres, soybean would be up 7% from previous year.

"I'll keep it simple", said Doherty.

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.

In line with USDA projecting fewer corn and wheat acres and more soybean acres, the grain markets closed Friday with wheat and corn futures prices up a few cents per bushel and soybean futures prices in Chicago down 9.25 cents per bushel in the November contract month.

Minnesota oat producers intend to plant 180,000 acres of oats, down 30,000 acres from 2016. Oil Sunflower intentions, at 50,000 acres, are 16,000 acres below 2016. Georgia will still lead the nation in planted acres with an intended 785,000 acres, close to 10 percent more than previous year.

Of the total acreage, about 23.8 million acres are hard red winter, 5.53 million acres are soft red winter and 3.38 million acres are white winter.

Barley produces intend to plant 470 thousand acres, down 36 percent from 2016 and prospective oat acres are estimated at 220 thousand acres, down 24 percent from a year ago.

March 1, 2017 US corn stocks were forecasted at 8.616 billion bushels versus the average trade guess of 8.534 billion bushels and 3/1/2016 stocks of 7.822 billion bushels.

May corn futures moved up sharply on 3/31, resulting in an 8-cents per bushel higher weekly close, finishing on Friday (3/31) at $3.64 ¼. On-farm soybean stocks were down 8 percent from a year ago, while off-farm stocks were up 33 percent.

Wheat stored in all positions totaled 61.8 million bushels, up 45 percent from a year ago.

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