USDA acreage report brings surprises
Farm and Ranch July 1, 2009 There were surprises in USDA’s Planted Acreage report issued Tuesday. Norton: “Quite a bit. Yeah, very much surprised me.” That is USDA grain analyst Jerry Norton’s comment after seeing the report. One of the surprises was wheat acres. USDA pegged all wheat acres this year at 59.8 million while the trade expected just over 58 million acres. Spring wheat acreage at 13.8 million was also several hundred thousand more than had been expected and up from the March intentions report. Still, compared to 2008, winter wheat acres are down six percent, spring wheat three percent less, putting total U.S. wheat acres down five percent. In the Pacific Northwest all wheat acres in Washington, Oregon and Idaho total four-million 260-thousand, down about six percent from 2008. Only Washington had an increase in spring wheat plantings over last year. USDA’s Norton says U.S. corn plantings of 87 million acres were over two million acres more than trade expectations and what farmers said they intended to plant back in March. Norton: “So it is a big number in terms of the market digesting that bigger increase in supply.” And while corn acreage is up one percent from last year, soybean plantings are up as well, at a record 77.5 million acres. In its grain stocks report USDA pegged wheat supplies as of June 1st at 667 million bushels, up 118 percent from a year ago, but in line with expectations. Wheat and row crop futures ended lower Tuesday on the bearish acreage numbers. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on the Northwest Ag Information Network. ?
