Analytical firm Informa Economics projected that US farmers will plant 75.269 million acres (30.46 million hectares) of soyabeans this spring, a drop from its January estimate of 76.654 million, trade sources said Friday. The firm raised its estimate of 2011 US corn plantings to 91.758 million acres (37.13 million hectares), which was up from 90.9 million in January - but below the US Department of Agriculture's preliminary forecast of 92 million.
Informa estimated US upland cotton plantings at 12.865 million acres, down from 13.080 million in January. The firm pegged all-cotton plantings at 13.13 million acres. Informa estimated US seedings of spring wheat other than durum at 14.196 million acres, down from 14.326 million in January. It pegged 2011 rice seedings at 3.205 million acres, up from 2.885 million in January.
The firm said it lowered its estimate of 2011 total acreage for major crops by 500,000 acres from its January forecast, citing excessive moisture in the Dakotas that could hamper spring planting. The forecasts appeared to buoy soya and corn futures on the Chicago Board of Trade, which extended session gains shortly after the figures were released. Nearby corn contracts rose to expanded 45-cent limits before easing.
CBOT soyabeans were led by the new-crop November contract. As of 1:07 pm CDT (1807 GMT), November soyabeans were up 30-1/2 cents at $13.32-3/4 per bushel after reaching $13.57-3/4, a two-week high. New-crop December corn was up 17 cents at $5.96-1/4 after soaring to $6.18, a one-month high. But the contract lost ground relative to nearby May corn on old crop/new crop spreads.
The Informa figures were supportive for soyabeans, given the cut in the firm's estimate of soya plantings. But the corn number was also viewed by some as bullish. "Those (corn) acres are still under 92 (million), and I think that's the magic number - 92 million plus, in order to satisfy the demand that is projected this year and next," said Dax Wedemeyer of US Commodities in West Des Moines, Iowa.
WINTER WHEAT PRODUCTION FORECAST LOWERED Informa also projected US winter wheat production at 1.531 billion bushels, a drop of 69 million bushels from its previous estimate. The firm said it cut its estimates of harvested wheat acreage in Oklahoma and Texas due to continued dry conditions in the US Plains.
USDA is not expected to release a US winter wheat production estimate until May. Informa said its acreage estimates were based primarily on the results of a survey of producers, agronomists, bankers and other sources conducted in early March.
USDA was scheduled to release its first official acreage forecasts on March 31, based on an annual survey of some 86,000 producers. In 2010, US farmers planted 88.2 million acres of corn and 77.4 million acres of soyabeans, according to USDA.
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