Allendale's Thoughts On The USDA Numbers
Ahead of the USDA's prospective planting update due next Tuesday March 31, Allendale Inc. sees the 2009 soybean acreage up significantly from 2008, with declines for corn and wheat.
Allendale has soybeans at a record 80.439 million acres, up more than 4 million from last year. Corn is pegged at 85.406 million acres, down less than a million from a year ago but still the third largest in the past sixty years. Wheat planting is expected to be the third smallest in thirty years at 57.977 million acres.
Quarterly stocks numbers are also out at on the 31st. Allendale are projecting the largest March 1 corn stocks in three years at 6.905 billion bushels, compared to the previous report of 10.084 billion. Allendale anticipates record second quarter use for soybeans with stocks at 1.331 billion bushels, compared to December's 2.276 billion. Also, it could be the lowest third quarter usage for wheat since the quarterly reports started in 1975: Allendale has stocks at 1.076 billion bushels, compared to 1.422 billion for the previous quarter.
Allendale has soybeans at a record 80.439 million acres, up more than 4 million from last year. Corn is pegged at 85.406 million acres, down less than a million from a year ago but still the third largest in the past sixty years. Wheat planting is expected to be the third smallest in thirty years at 57.977 million acres.
Quarterly stocks numbers are also out at on the 31st. Allendale are projecting the largest March 1 corn stocks in three years at 6.905 billion bushels, compared to the previous report of 10.084 billion. Allendale anticipates record second quarter use for soybeans with stocks at 1.331 billion bushels, compared to December's 2.276 billion. Also, it could be the lowest third quarter usage for wheat since the quarterly reports started in 1975: Allendale has stocks at 1.076 billion bushels, compared to 1.422 billion for the previous quarter.
