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Planted corn acreage up from 2012 - USDA

  • Märkte: Biofuels, Fertilizers, Oil products
  • 28.06.13

Houston, 28 June (Argus) — The US Department of Agriculture (USDA) estimates growers have planted 97.4mn corn acres, up slightly compared to growers' intended plans this year and ahead of acreage planted at this point in 2012.

Based on these current figures, growers anticipate harvesting 89.1mn corn acres for grain, which would be about a 2pc increase on last year's 87.4mn harvested acres.

The new estimates sent the Cbot July corn contract up nearly 17¢/bushel this afternoon from the opening price of $6.68/bushel, while December corn contracts were more than 25¢/bushel down from the opening price of $5.38/bushel. Old-crop corn is attracting a higher premium as stocks are expected to reach decade lows before harvest.

Today's acreage report shows a 1mn acre increase in the planted corn area versus USDA's acreage estimate last year, representing the highest planted US acreage since 1936 when an estimated 102mn acres were planted, according to the National Agricultural Statistics Service (NASS). USDA estimates growers have planted 97.4mn corn acres, up slightly compared to growers' intended plans this year and ahead of acreage planted at this point in 2012.

USDA also estimates corn farmers have planted about 100,000 more acres at this point than what was originally intended this year.

The average difference between the corn acreage forecast and the final estimate is 532,000 acres, according to NASS. Over the past 20-years, USDA's corn acreage forecast has been below the final estimate 5 times and above the final estimate 15 times. USDA's estimates of planted and harvested acreages in this report are based primarily on surveys conducted over the first two weeks of June, according to NASS.

Historically slow planting stemming from wet weather this spring drove concerns over grain supply during the first half of 2013, especially after an abnormally small harvest in 2012. Despite late planting this year and the potential for exposing early-staged corn to adverse conditions this summer, 2013's corn crop is in better shape than last year. As of 23 June, 9pc more corn was graded as being in good or excellent condition compared to a year ago.

Iowa, the top US corn producing state, is estimated to have planted 200,000 less acres than the 14.2mn acres farmers in the state originally intended to plant. Illinois, the second most prolific corn producing state, planted 12.2mn corn acres this year, hitting growers' target, which was 600,000 acres less than planted acres in 2012. Nebraska, which has been ravaged by drought, aims to be the third-highest US corn producer after reportedly planting 10.2mn acres this year. Nebraska farmers devoted 300,000 more acres to corn on top of the 9.90mn acres originally intended.

The report also showed greater than expected US soybean planting compared to late March. Total soybean acreage planted at this point is estimated at 77.73mn acres, a 600,000 acre increase on 2013 intentions and 2012 planted acreage. USDA estimates harvested soybean acreage to total 76.92mn acres, up slightly from 2012's 76.10mn harvested acres.

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