The USDA released its March Prospective Plantings report today at 11:00 CDT. This report provides the results of the first NASS survey of U.S. farmers planting intentions for 2014.
U.S. farmers intend to plant 3.7 million acres less corn in 2014 with total planted acreage estimated at 91.69 million acres versus 95.37 million in 2013. The 2014 indication is slightly below the average pre-report estimate of 92.75 million acres.
Soybean acreage is estimated at 81.493 million acres up almost 5 million acres from 76.53 million in 2013. Trade estimates were near 81 million ahead of the report. Immediately following this report, futures price reaction was negative for new-crop soybean prices as the fear of a huge increase and record large acreage was confirmed.
Total U.S. rice acreage intentions came in at 2.88 million acres; up 16% or 388,000 acres over 2013. Long grain acreage is expected to increase 25% to a total of 2.227 million. U.S. medium grain acreage is expected to decline 6% to a total of 624,000 on a 95,000 acre year-over-year reduction in California medium grain acreage. Arkansas medium grain acreage is expected to increase 50,000 acres.
U.S. cotton acreage intentions came in at 11.1 million acres; up 7% or 691,000 over last year’s 10.41 million acres. Texas cotton acreage is expected to increase 604,000 acres. All Midsouth states indicated cotton acreage increases including Arkansas, which is expected to increase cotton acreage by 30,000 acres to a total of 340,000.
The following link provides a U.S. and Arkansas summary of today’s USDA Prospective Plantings report.