Allendale released its official Planting Intention and Quarterly Grain Stocks estimates on Monday, March 27, 2007 (see below). Since then, the U.S. Department of Agriculture’s planting intentions report was published on March 30, confirming expectations of a 12 million acre increase in corn planting intentions; and corn has had two consecutive limit-down days.
Allendale Inc.’s Prospective Plantings in Million Acres
Commodity 2007 est. Actual 2006
Corn 90.76078.372
Soybeans65.92775.522
All Wheat60.49357.344
Winter Wheat44.10940.575
Durum2.0701.870
Other Spring14.31414.899
Quarterly Grain Stocks in Billion Bushels as of March 1, 2007.
Commodity1st Q Est.12/0603/06
Wheat.8711.315.972
Corn5.9128.9306.987
Beans1.804 2.6971.669
Allendale Inc. forecasts a 12.4 million acre increase in corn acres. This estimate was released on March 3, 2007 as a result of our 18th annual survey, which spanned for two weeks. This represents the largest acreage since 1944's 95.475 million acre figure. Largest 2nd quarter corn usage, at 3.018 billion bushels, is a record. March 1 stocks are the smallest since 2003/04 when 5.271 billion in stocks were reported. The three-year average use has been 2.735 billion bushels, five year average use at 2.636 billion and 10-year average at 2.517 billion. Never before have we used more than 3 billion bushels of corn in the second quarter of a marketing year.
A 9.6 million acre reduction in soybean plantings is forecast. This represents the lowest soybean acres since 1996's 64.195 million acre figure. Second quarter soybean usage of 893 million bushels is the fourth largest 2nd quarter on record. It is slightly above the five-year average use of 878 million. March 1 stocks are the largest in history. The three-year average use has been 846 million, five-year average of 878 million and 10-year average of 831 million.
A 3.1 million acre increase in total wheat acres is forecast. That is the largest since 2003 when 62.141 million acres were planted. Third quarter wheat usage of 444 million bushels is close to the five year average of 446 million. The three-year average use has been 468 million, five-year average use 446 million and 10-year average of 446 million.
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