More peanuts, cotton and record soybeans, say farmers asked by USDA

It's a trend playing out in many states, with a surplus of corn in storage in the U.S.

The Agriculture Department says in its prospective plantings report that it expects Minnesota farmers to seed 1.3 million acres of spring wheat, down 20,000 acres from past year.

Illinois's 2017 planted corn acreage was estimated at 11.3 million acres, down 300,000 acres from 2016 and the lowest planted acreage forecast for IL since 2003'2 11.2 million acres.

Soybean acres in the state are expected to hit a record, up 9 percent to 8.3 million.

Planted acreage for 2017 is expected to be down across most of the major corn producing states with the exception being Kansas, which is expecting an increase in acreage from previous year. If that number holds true, farmers will plant 4 percent fewer acres than they did in 2016. Compared with a year ago, planted acreage intentions were up or unchanged in 27 of the 31 estimating states, the USDA said.

- All hay acreage to be harvested in Nebraska is expected to total 2.50 million acres, up 2 percent from 2016. Non-oil will make up 150 thousand acers and will see an increase of 159 percent. Large chickpeas account for 15 thousand acres, up 60 percent from 2016 and is a record high. Of this total, about 10.6 million acres were hard red spring wheat.

Winter wheat planted acres in Iowa is unchanged from a year ago at 25,000 acres.

Wheat has also given up nearly 7 percent in the last four weeks, although prices are up 3.4 percent for the quarter, the biggest three-month gain since June 2015.

Area planted to other spring wheat for 2017 is expected to total 11.3 million acres, down 3 percent from 2016.

But the funds' buying and selling activity on March 31 - which will be reflected when the next Commitments of Traders data is released this Friday - could show even sharper movements off the back of two key reports for the agriculture markets.

Soybeans were at 1.73 billion bushels nationally, up 13 percent from the year prior.

The USDA prospective plantings survey indicates 480 million winter wheat acres in IL, down 40,000 from a year ago.

The most active corn contract for May delivery rose 6.75 cents, or 1.89 percent, to 3.6425 dollars per bushel. May soybeans dropped 17 cents, or 1.77 percent, to 9.46 dollars per bushel. May wheat delivery added 5.5 cents, or 1.31 percent to 4.265 dollars per bushel. Corn stocks were up 10% at 8.62-B, and Wheat stocks were up 21% at 1.66-B bu. On-farm Durum stocks were up 83 percent from a year ago, while off-farm stocks of Durum wheat were down 18 percent.

  • Anthony Vega