99.0 million U.S. corn acres?
Private analytical firm Informa Economics on Wednesday raised its outlook for U.S. corn acreage while lowering projected soybean and winter wheat plantings for 2013, traders said.
Informa, a closely watched crop forecaster, pegged corn plantings at 99.03 million acres, up from its October estimate of 97.7 million acres, traders said. The firm projected soybean plantings at 78.96 million acres, down from its October forecast of 80.1 million.
Informa lowered its winter wheat plantings estimate to 42.198 million acres from 42.5 million, traders said.
The report was considered bearish for the corn market, although prices had already been slumping Wednesday morning prior to the report's release. High crop prices are considered likely to compel farmers to plant as many acres as possible for the second straight year in 2013, although analysts say that current prices make corn planting more profitable than soybeans.
U.S. farmers planted 96.9 million acres of corn and 77.2 million acres of soybeans in 2012, along with 41.3 million acres of winter wheat last season, according to the U.S. Department of Agriculture. The corn acreage was the highest since 1937.
The firm is projecting an especially big jump in corn acreage in North Dakota. It sees corn acreage at 4.3 million in the state, up from 3.6 million in 2012 and nearly the double the 2011 total.
Informa also issued estimates for cotton, raising projected 2013 acreage to 10.065 million, up from 10.0 million last month. Farmers planted 12.12 million acres in 2012.
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(END) Dow Jones Newswires
December 19, 2012 12:12 ET (17:12 GMT)
DJ Informa Economics Sees U.S. Corn Acreage Reaching 99 Million->copyright