The Chief USDA Economist at the annual USDA outlook conference suggests that 2008 corn acres to be planted at 90 million acres versus the 93.6 million acres planted in 2007. Allendale estimates planted acres for 2008 at 90.6 million acres. USDA set 2008 soybean acres to be planted at 71 million acres versus 63.63 million acres in 2007. Allendale estimates soybean planted acres at 69.63 million. USDA expects wheat acres planted for 2008 at 64 million acres, which compares to 60.43 million acres in 2007. Allendale estimated planted acres at 64.03 million acres. Allendale's estimates were released to its clients on Jan 19th, 2008.
We need to answer a couple of questions that Allendale subscribers have raised recently. Question #1 question, will the USDA use a different planted acreage estimate on Friday when it releases its specific supply and demand tables? The answer is most likely not. Recent history of the USDA annual outlook conference indicates they will use the same acreage estimates on Thursday and Friday. Question #2, how many acres is USDA taking out because of urban development this year versus last year? Just a matter of a few months ago we inquired about the same urban development acreage loss question and were old by the National Agriculture Statistics Service, urban development lost acres are not collected by NASS, thus not used by USDA.
In the graph below, you will see USDA's total planted acres estimate of the eight major crops in the United States. Dating back to 1990, USDA estimates the eight major crops planted acreage total for 2008 as the sixth highest.
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