Analysts generally expect USDA to report record-large soybean plantings and sizable corn planting in its Acreage report on Monday. USDA’s figures would be a solid pointer toward the likely output of the two most widely grown U.S. crops. But two contradictory indicators have appeared. They could bolster corn prices and weaken soybean prices..
DuPont, one of the major seed companies, said sales of corn seed were lower than expected and soybean seed sales were larger. And, Roach Ag Marketing said its survey indicated corn plantings of 89.3 million acres, nearly 3 percent smaller than traders expect, and soybean plantings of 81.6 million acres, a record but smaller than trade expectations of 82.2 million acres.
Roach’s figures suggest a corn crop of 13.6 billion bushels and a soy crop of 3.7 billion bushels, using USDA’s projected yields and abandonment rates. USDA has projected corn at 13.9 billion bushels and soybeans at 3.6 billion; both would be records.