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Investing.com -- The U.S. Department of Agriculture’s prospective plantings report showed corn acreage slightly above consensus estimates while soybean acres came in below expectations, according to Baird.
The USDA survey confirmed a 3.5% year-over-year decline in corn acreage, with the estimate coming in 1% above consensus. Soybean acreage is forecast to increase 4% year-over-year but registered 1% below consensus estimates.
Planted row crop acres of 309.9 million are forecast 1.6 million lower year-over-year. Soybean acreage is expected to rise significantly as farmers rotate out of corn, which is forecast down 3% year-over-year.
The March Grain Ending Stocks report showed corn slightly below consensus and soybeans slightly ahead of estimates. Corn, soy, and wheat all traded up 1% or less on Wednesday.
Prospective corn acres of 95.3 million are down 3.45 million acres from the prior year, though approximately 1% above consensus estimates. Ending stocks increased 11% year-over-year and came in roughly 1% below expectations. Corn spot prices rose about 0.5% to near $4.60 per bushel, remaining below the estimated $5 per bushel break-even level.
Soybean ending stocks were up 10.2% year-over-year and came in above expectations at 2% above consensus. Soybean spot prices increased to approximately $11.70 per bushel, below estimated break-even levels of between $12.50 and $13 per bushel.
Wheat planted acres are expected to decline 3.4% year-over-year to 43.8 million acres, approximately 2% below consensus estimates. If realized, this would mark the lowest wheat acreage since the USDA began tracking in 1919. Ending stocks rose 5% year-over-year and came in ahead of estimates. Wheat spot prices of $6.20 per bushel remain below estimated break-even levels of above $7 per bushel.
Rising input costs for diesel and fertilizer are of increasing concern for farmers, according to Baird.
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