(KMAland) - USDA says farmers will plant less corn but expect to grow a record number of soybeans this year.
The USDA reported last week that corn supply in the U.S.as of March 1 totaled 8.62 billion bushels, 10 percent more than the same date the prior year.
Southeast farmers plan to plant more acres of peanuts, a few more of soybeans, less of corn, but a lot more of cotton this year, according to the always-anticipated annual USDA Prospective Planting Report, which hit the streets March 31.
"Last year we gained about 400,000 acres in corn in Nebraska".
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Wisconsin farmers are expected to plant 210,000 acres of oats this year, unchanged from 2016.
Compared with a year ago, planted acreage intentions are up or unchanged in 27 of the 31 estimating states.
Minnesota farmers are planning to seed less corn and wheat this year but more soybeans.
Minnesota farmers intend to plant 430,000 acres of sugarbeets this year, down 7,000 acres from 2016.
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Alabama corn acres will be down 27 percent from previous year. Georgia will still lead the nation in planted acres with an intended 785,000 acres, close to 10 percent more than past year. Having said that, we recommend producers to be prepared to take advantage of rallies on weather concerns for northern spring wheat plantings, a potential late freeze in the winter wheat belt as just happened in parts of Russian Federation, and moves higher in corn and short-covering rallies.
South Dakota farmers say they will plant 585,000 acres to sunnies, up 5 percent from a year ago.
Nationwide, all wheat planted area for 2017 is estimated at 46.1 million acres, down 8 percent from 2016. Oil type varieties are expected to account for 380 thousand acres, down 40 percent from a year ago.
The USDA said Soybean in storage totaled almost 1.74 bu, on 1 March, + 13% from a year ago. They apparently will find numerous acres from ex-wheat fields as they plan to plant only 46.1 million acres to all kinds of wheat, the lowest acreages since records began in 1919 and down 8 percent from the 2016 crop. Nebraska alone had 1 billion bushels of corn on hand. November beans closed Friday's session at $9.54 per bushel, a drop of 78 cents since the beginning of the month. May wheat delivery added 5.5 cents, or 1.31 percent to 4.265 dollars per bushel.
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In last Friday's session, traders estimated that net fund buying of corn ranged widely from 12,000 to 45,000 contracts, and in wheat from 6,000 to 10,000 contracts. On-farm Durum stocks were up 83 percent from a year ago, while off-farm stocks of Durum wheat were down 18 percent.