While USDA is due out with the 2015 planting intentions report on March 31, Doane Advisory Services released its planting intentions report to subscribers and clients on Friday, March 20th, showing a continuation of recent trends toward more soybeans and less corn acreage.
Last year’s corn acreage declined significantly in 2014, down 4.8 million acres from the 2013 level, just a bit more than the 4.5 million acre decline implied by Doane’s 2014 survey results and more accurate than USDA’s March Prospective Plantings report last year which showed only a 3.7 million acre decline.
The 2015 results show another big decline in corn acreage in the works for this year, to 87 million acres which is the lowest level since 2009. While traders are expecting a slight drop in 2015 based on USDA’s preliminary estimate of 89 million acres at its February Outlook Forum, the Doane survey would most likely prove bullish if confirmed by USDA’s March 31 Prospective Plantings report.
Soybean acreage on the other hand will rise sharply according to Doane survey results, which imply national acreage of a record 87 million acres, with largest increases percentage-wise for the Northern Plains states. The Doane survey results imply a significant increase in sorghum acreage this year.
While some forecasts show significant year-over-year declines in total crop acreage planted to the principle crops for 2015, Doane results suggest otherwise. Expected declines for corn, cotton, and winter wheat acreage will be offset with more acres of sorghum, barley, durum wheat, soybeans, sunflower, canola and hay.
Link to full release here.