Largest Corn Crop, Smallest Wheat Expected in 2020

McHENRY, IL – Analysts and traders are preparing for next week’s Annual USDA Prospective Planting Report. Allendale, a research/brokerage firm, is estimating a record corn crop in the United States and possibly the fourth-largest soybean crop in history. Specifically, the firm sees corn planting intentions of 94.6 million acres, an annual increase of 4.9 million, and the third-largest of all time. If realized, this would imply a record 15.4 billion bushel crop. Soybean intentions point towards a 7.6 million acre increase domestically, or 83.7 million planted acres, with a final crop of 4.2 billion bushels. For wheat, the group expects almost 700 million fewer acres in 2020 (44.5 million acres) and the fewest acres planted in more than 100 years of recorded data.