Analysts surveyed by Reuters expect farmers to plant around 91.512 million acres to corn in 2019, resulting in a crop of 14.882 billion bu. and ending stocks of 1.792 billion bushels. That would be a 2.383 million-acre (2.7%) rise in plantings versus 2018-19 and a 57 million bu. (3.3%) hike in carryover from the previous season.
Survey participants expect soybean plantings to decline 3.052 million acres (3.4%) from 2018-19 to 86.144 million acres in 2019-20, resulting in a 4.320 billion bu. crop and carryover of 893 million bushels. That would be down marginally from the 910 million bu. in ending stocks that is currently forecast. But there is a 705 million-bu. spread on the range of carryover guesses.
Wheat plantings for 2019-20 will likely come in around 47.196 million acres, resulting in a 1.904 billion bu. crop and ending stocks of 960 million bu., according to the analysts surveyed. That compares to plantings of 47.800 million acres in 2018-19 and an ending stocks estimate of 1.010 billion bushels.
USDA will update its long-term projections (including for 2019) at its outlook forum tomorrow.