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Planting report preview: soybean acres up, corn down

The director of the University of Missouri’s Food and Ag Policy Research Institute says there’s been widespread consensus the U.S. farmer will plant more soybeans and less corn for the upcoming growing season.

But Seth Meyer says geopolitical factors could be a wildcard for USDA’s Perspective Plantings Report, scheduled to be released on Tuesday.  

“Folks will be looking to see if there are early signals of what corn acres will be, but I also think there will be a bit of hesitation and uncertainty, what adjustments might there be further given the ground we’ve covered in the last four weeks with fuel and fertilizer?”

The average trade estimate is 94.5 million acres of corn planted in the United States, and 85.5 million acres of soybeans planted this year.

The USDA report is created using data from a farmer planting survey, and Meyer says it’s important for the markets.

“What it’s really designed to do is allow farmers to signal to the market what it is they intend to do and allow the market to bid them in one direction or the other, try to encourage them to plant the crops that the market might say, ok, I’ve heard you, now plant.”

Meyer says planting intentions are expected to change throughout the growing season, and he’s optimistic the trade will trust the USDA data.

The USDA’s March Prospective Plantings report will be released at noon eastern/11 a.m. central on Tuesday, along with the Quarterly Stocks report.