USDA-NASS released its’ annual March Prospective Plantings report this morning which provides the first survey-based estimates of U.S. farmers’ planting intentions for the year.
For Arkansas, planting intentions generally followed pre-report expectations with rice, corn and cotton acreage higher and grain sorghum sharply lower. Soybean acreage is projected to decline to the lowest level since 2007. However, much of the recent price rally in November 2016 soybean futures was not captured in NASS’ survey of producers. Total rice acreage at 1.581 million would be the highest level seen since 2010.
U.S. planting intentions provided some surprises with projected corn acreage well above the highest pre-report estimate which was 91 million acres. Projected rice and cotton acreage also came in above average pre-report guesses of 2.744 and 9.412 million acres respectively. Most analysts expected soybean acreage to increase to slightly over 83 million acres. However, grower intentions reflected a 1% decline year-over-year to 82.236 million.
The full Prospective Plantings report is available online at this link: