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U.S. to lower corn acres by 1.5 million, analyst says

A 1.5 million acre reduction in U.S. corn acres was forecast by Allendale Inc. on Friday. If realized, that would be the biggest one year reduction since 2001. For corn usage, a 2.871 billion bushel estimate would be the second largest since the 1998/1999 marketing year. However, March 1 stocks are the largest since 1988 when 7.636 billion in stocks were reported.

For soybeans, the U.S. would see its third-largest soybean acres due to a 2.06 million acre estimate. If realized, that would create the largest one year increase since 1997. Allendale estimated 2nd quarter soybean usage of 839 million bushels, less than the five-year average of 879 million bushels. This leaves the largest March 1 stocks in history.

The total wheat acres were estimated at the second lowest since 1972. Plus, the 3rd quarter wheat usage of 466 million bushels is just over the five year average of 448 million bushels.

Actual
Prospective Plantings in Million Acres

 
Trade Range
Ave Est
Allendale
Actual
03/31/06
Corn
 
 
80.254
81.759
 
Soybeans
 
 
74.202
72.142
 
All Wheat
 
 
58.361
57.229
 
Winter Wheat
 
 
41.407
40.433
 
Durum
 
 
2.750
2.760
 
Other Spring
 
 
14.204

14.036

 

Quarterly Grain Stocks in Billion Bushels

 
Trade Range
Ave Est
Allendale
12/05
03/05
Actual 03/31/06
Wheat
 
 
.964
1.430
.984
 
Corn
 
 
6.942
9.813
6.756
 
Beans
 
 
1.663
2.502
1.381
 

A 1.5 million acre reduction in U.S. corn acres was forecast by Allendale Inc. on Friday. If realized, that would be the biggest one year reduction since 2001. For corn usage, a 2.871 billion bushel estimate would be the second largest since the 1998/1999 marketing year. However, March 1 stocks are the largest since 1988 when 7.636 billion in stocks were reported.

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