The U.S. Department of Agriculture is expected to raise its outlook for planted acreage from November forecasts for corn and beans at its annual outlook forum today while lowering its projection for wheat.
Producers are likely to plant 91 million acres with corn and 88 million acres with soybeans this year, according to a Reuters poll. Wheat area is pegged at 47 million acres, analysts said.
The corn and bean forecasts are up from November projections of 90 million acres and 86 million acres, respectively, according to USDA data. While the forecasts for acreage are likely to be higher, the figures are still down 4% year-over-year for corn and 2% for soybeans, the government said.
Wheat area was pegged at 49 million acres in November, down 3% from the prior marketing year, according to USDA data.
The USDA also will have sessions on economic conditions in Brazil and Argentina and their impact on trade, a food price outlook, farm income outlook and ag finances.
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