Despite the futures market indicating signals to plant soybeans rather than corn, Informa states that they have found through survey respondents that U.S. soybean planting for 2014 will set a record by a smaller margin than previously expected. The agency slashed its forecast for 2014 U.S. soybean acreage by 1.9 million acres to 81.929 million acres. Although reduced, the 2014 acreage will still break the previous record of 77.451 million acres set in 2009 and the 76.5 million acres planted last year. Informa has consequently raised its estimate of corn acreage by 300,000 acres to 91.846 million acres. The consultancy has also decreased its forecast for U.S. wheat sowing for 2014 from 58.1 million acres to 57.855 million acres and cut its estimate of winter wheat sowing by 240,000 acres to 42.866 million acres. Last season both durum and spring wheat sowing was restricted by excess rains and both are expected to rebound from last year’s low acreage.
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