Allendale see BIG US soybean plantings in 2008

Illinois based analytical firm Allendale Inc. sees U.S. producers intending to plant less corn in 2008, while increasing planted area for soybeans and wheat.

For soybeans, Allendale has planting intentions at 74.239 million acres (much higher than the USDA's current 71m estimate). That'd be an increase of 10.608 million from 2007 and would be the fourth largest in U.S. history. With Allendale's trend line yield of 42.29 bushels per acre, production is seen at 3.098 billion bushels, compared to last year's harvest of 2.585 billion bushels.

Allendale has corn at 86.438 million acres (vs the USDA's 90m), which would be down 7.162 million from 2007, but if realized would still be the second largest since 1944's 95.475 million acres. Allendale's trend line yield is 155.28 bushels per acre, putting their production forecast at 12.220 billion bushels. 2007's crop totaled 13.074 billion bushels.

Total U.S. wheat planted is pegged at 62.330 million acres, up 1.897 million from 2007. According to Allendale, if realized, it'd be the biggest since 2000's 62.549 million acres. Using Allendale's trend line yield of 41.50 bushels per acre, 2008 wheat production is placed at 2.259 billion bushels, compared to the 2007 total of 2.067 billion.

By type: winter wheat planting is seen at 46.670 million acres, 1.683 million more than 2007, "other" spring wheat is pegged at 13.511 million acres, an increase of 214,000 and durum is expected to hold steady at 2.149 million acres.

The United States Department of Agriculture will release their prospective plantings estimates Monday, March 31.