Heavy US corn market seeks to avoid acreage bomb on Thursday -Braun

Maize (Corn)

Grains, Cereal & Legumes

United States

Market & Price Trends

Published Mar 28, 2024

Tridge summary

Grain market analysts are forecasting a shift in U.S. farmers' planting intentions for the 2024 season, with an expected decrease in corn plantings by 3% to 91.776 million acres and an increase in soybean plantings by 3.5% to 86.53 million acres, driven by the higher profitability of soybeans compared to corn. This prediction comes amidst the challenges of accurately forecasting U.S. farmers' planting decisions in recent years. The upcoming survey-based planting estimates from the U.S. Department of Agriculture (USDA) are eagerly awaited, as they could have a significant impact on market prices. The analysts' expectations for corn and soybean acres slightly diverge from the USDA's February projections, and there has been a historical trend of actual planted acres differing from analysts' predictions, adding a layer of uncertainty to the market.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Grain market analysts predict U.S. corn plantings will fall from last year’s decade high in favor of soybeans, which may present better profitability prospects for farmers. But U.S. farmers’ planting intentions have been notoriously hard to predict in recent years, and crop prices are much lower than both a year ago and last fall, when many producers make planting decisions. Chicago corn and soybean futures have popped this month, but prices will be tested again on Thursday when the U.S. government publishes its survey-based planting estimates, known to set the tone for the markets headed into the U.S. growing season. On average, analysts expect 2024 U.S. corn plantings at 91.776 million acres, down 3% from 2023 but up slightly from the 91 million acres the U.S. Department of Agriculture projected for 2024 back in February. Soybean plantings are seen at 86.53 million acres, up 3.5% from last year but below USDA’s February projection of 87.5 million. The estimates are due on ...

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