USA: Forecasts for corn and soybean acres appear lower in 2024

Published 2024년 4월 4일

Tridge summary

The USDA's forecasts for 2024 present a varied agricultural outlook, with a notable 5% decrease in corn planting to 90,036,000 acres, contrasting with a 3% increase in soybean planting to 86,510,000 acres. Wheat planting is expected to decrease by 4%, while durum acreage in the US and Canada is predicted to be high, hinting at an abundance of pasta. Oat seedings are projected to hit a record low, decreasing by 9% to 2,318,000 acres. Rice planting, however, is anticipated to rise by 1% to 2,932,000 acres, with significant adjustments in specific rice varieties across states. These projections have led to mixed market reactions, with an increase in corn futures and varied responses for wheat and soybean futures.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The USDA forecast corn planted area at 90,036,000 acres, down 5% from 94,641,000 acres in 2023. The forecast was below the average and near the low end of pre-report trade projections that topped off at about 93.5 million acres and averaged about 91.8 million acres. If the USDA forecast is realized, the corn planted area in 2024 would be down 7.5% from the record high of 97,291,000 acres in 2012. The recent five-year average corn planted area was 91,101,200 acres. CME Group corn futures closed up 10¢ to 16¢ a bushel across the board after the USDA report. Winter wheat futures also closed higher while Minneapolis spring wheat futures closed lower. Soybean futures also closed mixed with small losses nearby and gains up to 10¢ a bushel in the most deferred months. “Compared with last year, planted acreage is expected to be down or unchanged in 38 of the 48 estimating states,” the USDA said. “Acreage decreases of 300,000 acres or more from last year are expected in Illinois, Indiana, ...

Source: Meat+Poultry