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USDA FORECASTS 92 MILLION ACRES OF CORN TO BE PLANTED, 85 MILLION ACRES OF SOYBEANS
Feb. 22, 2019
Farm Progress reports:
USDA issued updated 2019 acreage and price forecasts Thursday during its annual ag outlook conference. Government economists kept their expectation for farmers to plant 92 million acres of corn, up from 89.1 million acres in 2018, despite an average cash price forecast of $3.65 for the crop.
While that price would be a nickel higher than the agency's Feb. 8 forecast for 2018, it is down from the first estimate put out in November for prices to average $3.90.
USDA put soybean seedings at 85 million acres, up from the November estimate of 82.5 million but down from 89.2 million projected for 2019. USDA's average cash price forecast for soybeans is $8.80 in 2019, up a nickel from its November projection. The agency said on Feb. 8 that the 2018 crop would reap an average of $8.60.
Wheat seedings also shifted a little from earlier estimates. USDA put all wheat acreage at 47 million, compared to 47.8 million in 2018. Based on the agency's winter wheat seedings put out Feb. 8, this implies steady total acreage for the spring-planted portion of the crop. USDA put the average cash price for 2019-crop wheat at $5.20, up a nickel from 2018.
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