Soybean futures surged higher on Friday after the USDA released its June acreage report. Although U.S. farmers have planted a new record area for soybeans, the trade was expecting a higher number. Some pre-report estimates even had soybeans surpassing corn acreage for the first time.
The report, however, still pegs corn acreage slightly higher than the soybean area. According to the USDA, corn planted area for all purposes in 2017 is estimated at 90.9 million acres, down 3 per cent from last year. Area harvested for grain, at 83.5 million acres, is down 4 per cent from last year.
Soybean planted area for 2017 is estimated at a record high 89.5 million acres, up 7 per cent from last year.
All wheat planted area for 2017 is estimated at 45.7 million acres, down 9 per cent from 2016. This represents the lowest all wheat planted area on record since records began in 1919.
The 2017 winter wheat planted area, at 32.8 million acres, is down 9 per cent from last year but up less than 1 per cent from the previous estimate. Of this total, about 23.8 million acres are Hard Red Winter, 5.61 million acres are Soft Red Winter, and 3.42 million acres are White Winter.
Area planted to other spring wheat for 2017 is estimated at 10.9 million acres, down 6 per cent from 2016. Of this total, about 10.3 million acres are Hard Red Spring wheat. Durum planted area for 2017 is estimated at 1.92 million acres, down 20 percent from the previous year.