According to this year’s Prospective Plantings report, corn wins the 2012 acreage battle at 95.9 million acres. The number is slightly above average private estimates of 94.7 million acres and, if realized, would be the most corn acres planted by U.S. farmers since 1937.
The report shows soybean acreage falling by 1 percent over last year to 73.9 million acres. That’s 2 percent below the average trade guess and 5 percent less than the record year of 2010.
While planting numbers appear bearish for corn and bullish for beans, the market reacted more, Friday, to the Grain Stocks report and estimates for South American crop production.
An already tight old-crop corn supply was reduced by 6 percent from last year pushing nearby contracts limit up.
And despite a 10 percent increase in soybean supplies, bullish acreage estimates and predictions for lower production in South America pushed old-crop soybean prices nearly limit-up.