Allendale, Inc. would like to thank everyone that participated in this year's Annual Farmers Acreage Survey. This year's survey was taken from February 11th through February 28th. The results are as follows.
Producers intend on planting 86.438 million acres of corn in 2008, this would be the second largest corn acreage since 1944 when 95.475 million acres were planted. Corn acres peaked at 113.024 million acres and occurred in 1932. Using Allendale Inc. 155.28 bushel/acre trend yield, it would imply production of 12.220 billion bushels in 2008 and compares to last years 13.074 billion bushel crop.
Soybean planting intentions in this year's survey came in at 74.239 million acres and would represent the fourth largest US soybean planted acreage. Using Allendale Inc. 42.29 bushel/acre trend yield, it would imply soybean production of 3.098 billion bushels in 2008, which compares to last years 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 Allendale Inc. 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.
Observation: as new crop November soybean futures gain on new crop December corn futures, it may prove difficult for an increase in corn acres versus those stated in this year's survey. Allendale suggests much of the underlying support that has been seen in soybeans is associated with the investment funds interest in both Malaysian palm oil and US soybean oil, as a hedge against food inflation.
|
|
|