Corn plantings in the US higher traders’ expectations
Corn plantings in the US in 2019 are 5.8 percent higher from traders' expectations — 91.7 million acres (36.83 million hectares) vs 86.7 (34.8), Agritel reports.
"Corn and soybean plantings intentions have been surprising, and they could be amended at the next report on the 12th of August. Indeed, it must be considered that these figures are the outcome of a poll realized during the first fortnight of June, at a period where late plantings could still be achieved in a context of a very favourable price ratio in favor of the corn compared to the soybean," the message says.
By the USDA latest report, soybean covers 80.04 million acres (32.37 million hectares) vs 84.3 (33.9).
Inventories published by USDA on the 1st of June are as follow vs expectations:
- corn: 5.202 billion of bushels (224.97 million tons) vs 5.332 (230.59);
- soybean: 1.79 billion of bushels (77.41 million tons) vs 1.861 (81.56);
- wheat: 1.072 billion of bushels (46.36 million tons) vs 1.100 (47.52).
According to the USDA data, all wheat planted area for 2019 is estimated at 45.6 million acres (18.21 million hectares), down 5 percent from 2018 (19.02 million hectares).