Here's what US Farmers will plant more (and less) of in 2017

It looks like soybeans are gaining some ground but perhaps not as much as the industry expected

The Agriculture Department says in its prospective plantings report that it expects Minnesota farmers to seed 1.3 million acres of spring wheat, down 20,000 acres from a year ago.

"For corn producers, in particular, recognize that corn prices are low and they're cheap, because we have big supplies, but when you start subtracting some acreage, reduce yield or both, those numbers shift quite dramatically on the carryout expectations", said Doherty on U.S. Farm Report this weekend.

Soybean acreage is projected to jump to a record-high 89.5 million acres in 2017, with South Dakota's acreage set to rise by 4 percent. Corn acres in OH are expected to remain flat.

The USDA's March Prospective Plantings estimate for total 2017 USA corn acreage was 89.996 million acres versus the average trade guess of 90.969 million acres and 2016 final planted acreage of 94.004 million.

Minnesota's oat, barley, sugar beet and sunflower crops all are expected to be smaller this year. Flaxseed production is also set for a large reduction in acreage, with only 3,000 acres expected compared to 10,000 acres planted in 2016.

The USDA said soybeans in storage totalled almost 1.74 billion bushels as of March 1, up 13 percent from a year ago.

In Nebraska, prospective soybean planted acres is estimated at 5.7 million acres, an increase from 5.2 million in 2016 and 5.3 million in 2015. Oil type varieties account for 45,000 acres, up 55 percent from a year ago.

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Winter wheat acres were pegged by USDA at 32.7 million, down 9 percent from plantings done in the fall of 2015; including 23.8 million acres to the hard red winter wheat grown in South Dakota.

Winter wheat planted area, at 32.7 million, is down 9 percent from previous year.

Area planted to other spring wheat for 2017 was estimated at 11.3 million acres, down 3% from 2016. Durum wheat acres are expected to be rolled back 21 percent from a year ago to 1.15 million acres and winter wheat acres were cut in half last fall to just 63 thousand acres.

- Dry edible bean acreage intentions are estimated at 150,000 acres, up 9 percent from 2016.

Also, the USDA reported that Nebraska corn stocks in all positions on March 1, 2017, totaled 1 billion bushels, up 5 percent from 2016.

March 1, 2017 USA corn stocks were forecasted at 8.616 billion bushels versus the average trade guess of 8.534 billion bushels and 3/1/2016 stocks of 7.822 billion bushels. Chicago Board of Trade soybean futures for May contract closed at $9.46 per bushel, down about 2 percent.

Durum wheat stored totaled 52.8 million bushels, up 24 percent from March 1, 2016.

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