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Weak prices to reduce acreage to major US crops in 2017
Dec. 2, 2016
U.S. corn and wheat planted area are expected to drop in 2017, but the declines won’t end there, according to early baseline projections released by the USDA earlier this week.
The projections put next year’s total combined planted area for the eight major crops (corn, wheat, soybeans, cotton, rice, sorghum, oats and barley) at 248.9 million acres, down 2% from the 254.1 million acres seeded in 2016. The expected decline reflects the generally weak market conditions for a number of crops, and comes on the heels of a 1.3% increase in total planted area the previous year.
The forecasted decline in planted acres next year, in combination with reduced average yields compared to 2016, are expected to reduce American production of the eight big crops by about 1.17 billion bu.
The baseline projections are basically based on neutral weather and economic conditions, and are seen simply as a jumping off point for the following year’s acreage mix. The projections do not reflect or consider any potential shocks to global ag markets.
For the largest three crops, the report pegged 2017 U.S. corn planted area at 90 million acres, down from 94.5 million this year. Expected wheat area for 2017 came in at 48.5 million acres, versus 50.2 million a year earlier.
In contrast to the declines in corn and wheat, soybean area for next year is estimated at 85.5 million acres, up from 83.7 million in 2016.
Source: DePutter Publishing
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