The USDA said farmers indicated they intend to plant 88.982 million acres of soybeans in 2018, down 1% from last year’s record 90.142 million acres and still the second most ever if realized. Planting intentions were down or unchanged in 20 of the 31 estimating states.
Trade expectations for soybean plantings ranged from 89.9 million to 92.6 million acres and averaged 91 million.
Trade expectations for corn planted area ranged from 87.6 million to 91 million acres with an average of 89.4 million.
All wheat planting intentions were 47.339 million acres, up 3% from 46.012 million acres in 2017 but the second lowest in records back to 1919 after last year.
Area planted to spring wheat other than durum was forecast at 12.627 million acres, up 15% from 11.009 million acres planted in 2017, including 12.1 million acres of hard red spring wheat.
Durum planted area in 2018 was forecast at 2.004 million acres, down 13% from 2.307 million acres planted last year.
Average trade expectations were 46.4 million acres for all wheat, 32.6 million acres for winter wheat, 11.5 million acres for other spring wheat and 2.4 million acres for durum.
Soybean futures soared nearly 30c a bushel after the report, with corn futures up about 13c a bushel and winter wheat futures also posting solid gains while Minneapolis spring wheat futures traded lower.