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U.S. 2008 corn acres 86.4 mill, soy 74.23, firm says

Agriculture.com Staff 03/03/2008 @ 7:00am

U.S. producers will plant 86.4 million acres of corn and 74.23 million acres of soybeans in 2008, according to Allendale Incorporated.

On Monday, Allendale released results from its annual acreage farmer survey. This year's survey spanned from Feb 11 through Feb 28.

The McHenry, Illinois- based analytical research/introducing brokerage firm's corn planting intentions of 86.438 million acres would be the second largest since 1944 when 95.475 million acres were planted. Peak planted acres of 113.024 million occurred in 1932.

Using its 155.28 bushel/acre trend yield, Allendale's estimate would imply production of 12.220 billion bushels versus last year's 13.074 billion bushel crop.

U.S. soybean planting intentions of 74.239 million acres would represent the fourth largest. Using a 42.29 bushel/acre trend yield, it would imply soybean production of 3.098 billion bushels versus last year's 2.585 billion bushel crop.

Wheat acreage is estimated at 62.330 million acres. This is the largest since 2000 when 62.549 million acres were planted. Using 41.50 bushel/acre trend yield, it would imply wheat production of 2.259 billion bushels versus last year's 2.067 billion bushel production.

The USDA will release its annual planting intentions data on March 31 at 7:30am CST.

Last month, USDA announced preliminary 2008 planted acreage figures for planning budgets. For corn, USDA estimated 2008 acres at 90 million, 64 million acres of all wheat and 71 million acres of soybeans. The corn acreage figure is 2 million acres higher than the USDA had previously, but in the range of what the market is anticipating.

The USDA uses trendline yields in this initial look at the 2008 crop. Therefore, the crop sizes are 2.3 billion bushels of wheat, 12.8 billion bushels of corn and 2.95 billion bushels of soybeans.

U.S. producers will plant 86.4 million acres of corn and 74.23 million acres of soybeans in 2008, according to Allendale Incorporated.

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