A little more corn, a little less soybeans, more wheat and a lot less cotton – that summarizes the USDA 2013 Prospective Plantings report out today.
Corn growers intend to plant 97.3 million acres of corn for all purposes in 2013, up slightly from last year and 6 percent higher than in 2011. If realized, this will represent the highest planted acreage in the United States since 1936 when an estimated 102 million acres were planted.
Soybean acres are estimated at 77.1 million acres, down slightly from last year but the fourth highest on record. All wheat acreage is forecast at 56.4 million, up one percent, and cotton is expected to total 10 million acres, down 19 percent from last year.
The Minneapolis Grain Exchange held its usual crop conference call with reporters when the report was released today, with commentary by Brian Basting of Advance Trading.
Listen to the MGEX call here: [wpaudio url=”http://www.mgex.com/audio/mgex-3-28-13.mp3″ text=”MGEX Prospective Plantings call”]