The United States Department of Agriculture is projecting this year’s U.S. soybean crop at 89 million acres, down one per cent from last year.
In the eagerly anticipated Prospective Plantings Report on Thursday, the USDA estimated the corn planted area at 88 million acres, down 2 per cent or 2.14 million acres from last year.
The estimated acreages are lower than the trade’s pre-report estimates. As a result, soybean prices in Chicago soared more than 25 cents per bushel higher after the report was released. Corn futures were up more than 10 cents.
All wheat planted area in the U.S. for 2018 is estimated at 47.3 million acres, up 3 per cent from 2017. The USDA noted that the number represents the second lowest all wheat planted area on record since records began in 1919.
The 2018 winter wheat planted area, at 32.7 million acres, is up slightly from both last year and the previous estimate. Of this total, about 23.2 million acres are Hard Red Winter, 5.85 million acres are Soft Red Winter, and 3.64 million acres are White Winter.