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USDA Report Interpretation: Soybean acreage increased by 4%, corn area decreased by 4%

 Last Update: 2022-04-19
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WASHINGTON, March 31 (Reuters ) - U.
S.
soybean acreage will rarely exceed corn in 2022, the U.
S.
Department of Agriculture ’s planting intentions report released on Thursday showed .

Corn plantings are projected at 89.
5 million acres, down 4% year over year
.
Analysts expected 92 million acres
.

Soybean acreage is forecast at 91 million acres, up 4% year over year
.
Analysts expected 88.
7 million acres
.

All wheat plantings are forecast at 47.
4 million acres, up 1% from a year earlier
.
Analysts expected 48 million acres
.

　　Cotton plantings are projected at 12.
2 million acres, up 9% from 2021
.
Analysts expected 12.
3 million acres
.

　　USDA projects 317.
4 million acres of major crop acreage in 2022, 1.
2 million more than the final 2021 acreage
.
'We're not seeing the kind of growth in total square footage that everyone expects,' said Rich Nelson, chief strategist at Allendale
.

　　The end-of-period inventory scale of corn per unit yield will usher in a crazy weather market

　　Corn acreage is expected to decline or remain unchanged in 43 of the 48 U.
S.
states
.
Plantings in Nevada and South Dakota are expected to hit record highs
.
Connecticut, Massachusetts and Rhode Island are projected to hit record lows
.
Plantings in Illinois, Indiana, Iowa, Kansas, Minnesota, Nebraska, North Dakota, Ohio and Wisconsin are projected to be down 200,000 acres or more from last year
.

　　That means even with a record corn yield of 180 bushels per acre, ending stocks will be just 1.
1 billion bushels, said Bill Peterman, founder of the American Agricultural Market Network
.
At a yield of 178 bushels per acre, ending stocks would be less than 1 billion bushels, which is less than the size of the stock in the channel
.
(With yields so critical), this report sets the tone for a wild weather market
.

　　Soybean ending stocks to recover to 2019 levels

　　Soy acreage was higher than last year or unchanged in 24 of the 29 soybean-producing states
.
Illinois, Indiana, Iowa, Minnesota, Missouri, South Dakota and Tennessee are expected to add 250,000 acres or more
.
The acreage will be all-time highs in Illinois, Kentucky, Michigan, Missouri, Nebraska, Ohio, South Dakota and Wisconsin
.
Bilderman said that farmers have been more aggressive in broadcasting soybeans than the market expected.
If you look at market risks and production costs, farmers have reasons to do so
.
With such a large area planted, soybean ending stocks will approach 500 million bushels at trend yields, returning to 2019 levels
.

　　U.
S.
area of all wheat is fifth-lowest on record, with spring wheat area down 2%

　　At 47.
4 million acres, it would be the fifth-lowest of all wheat acres since records began in 1919
.
U.
S.
farmers plan to plant 11.
2 million acres of spring wheat, down 2 percent from 2021
.

　　Planting intention of other crops

　　Texas saw the largest increase in cotton acreage
.
Only Arizona and California will see a reduction in upland cotton acreage in 2022
.
Among them, California upland cotton acreage will hit a record low
.

USDA U.
S.
soybean corn

　　Corn plantings are projected at 89.
5 million acres, down 4% year over year
.
Analysts expected 92 million acres
.

　　Soybean acreage is forecast at 91 million acres, up 4% year over year
.
Analysts expected 88.
7 million acres
.

　　All wheat plantings are forecast at 47.
4 million acres, up 1% from a year earlier
.
Analysts expected 48 million acres
.

　　Cotton plantings are projected at 12.
2 million acres, up 9% from 2021
.
Analysts expected 12.
3 million acres
.

　　The end-of-period inventory scale of corn per unit yield will usher in a crazy weather market

　　Soybean ending stocks to recover to 2019 levels

　　U.
S.
area of all wheat is fifth-lowest on record, with spring wheat area down 2%

　　At 47.
4 million acres, it would be the fifth-lowest of all wheat acres since records began in 1919
.
U.
S.
farmers plan to plant 11.
2 million acres of spring wheat, down 2 percent from 2021
.

　　Planting intention of other crops

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