(CNBC) – Private analytics firm Informa Economics projected that U.S. corn plantings would rise 4.4 percent in 2019 to 93.044 million acres, while soybean acres would decline 7.5 percent, according to an Informa client note seen by Reuters.
Informa forecast a U.S. 2019 corn crop of 15.256 billion bushels based on a yield of 178.0 bushels per acre (bpa).
Informa sees U.S. soybean plantings falling to 82.270 million acres in 2019, from 88.966 million in 2018. The firm forecast a 2019 soybean crop of 4.161 billion bushels, based on yield of 51.0 bpa.
Price changes are a key factor influencing 2019 planting decisions, Informa’s report said. Benchmark November Chicago Board of Trade soybean futures have slumped about 20 percent since the end of May, pressured by a trade war between the United States and top global soy buyer China, as well as the approach of a record-large U.S. harvest.
CBOT December corn futures have fallen about 14 percent in the same period, underpinned by tightening U.S. and global stockpiles.
For wheat, total U.S. plantings for 2019 should rise to 50.078 million acres, from 47.564 million a year earlier, the firm said. The firm projected winter wheat plantings for 2019 at 34.111 million acres, up from 32.243 million the previous year.
Informa officials could not be reached for comment.
The U.S. Department of Agriculture (USDA) currently estimates U.S. 2018 plantings at 89.128 million acres for corn, 89.557 million for soybeans and 47.821 million for wheat. The government might adjust those figures in its next monthly supply/demand reports on Oct. 11.
Informa projected 2019 all-cotton plantings at 14.556 million acres, up 3.7 percent from 2018.
Informa estimated the U.S. 2018 corn harvest at 14.835 billion bushels, with a yield of 181.4 bpa. Earlier this month, the firm had pegged the 2018 corn yield at 178.8 bpa.
Informa put U.S. 2018 soybean production at 4.662 billion bushels, with a yield of 52.8 bushels per acre, down from its Sept. 6 yield figure of 52.9 bpa.
The firm estimated U.S. 2018 all-wheat production at 1.861 billion bushels, including 1.169 billion bushels of winter wheat, 613 million bushels of spring wheat other than durum, and 78 million bushels of durum wheat.
The figures compare with the USDA’s current estimate of a 1.877 billion-bushel wheat crop for 2018, including 1.189 billion bushels of winter wheat, 614 million bushels of spring wheat other than durum, and 73 million bushels of durum.
