WASHINGTON (Reuters) — Farmers who participated in U.S. crop subsidy programs reported “prevented plantings” of 3.573 million acres of corn and 1.687 million acres of soybeans this year, according to the U.S. Department of Agriculture.
“We did see the prevent planted acres go up a little and the numbers are probably a little bit supportive to the market,” said Sterling Smith, a futures specialist with Citigroup.
“These numbers shouldn’t be viewed as the end-all or be-all for acres and are only a part of the formula that USDA will use to determine final acreage for this year.”
Producers enrolled in subsidy programs for this year reported planted acreage, including failed acres, at 91.428 million for corn and 74.659 million for soybeans.
Producers who enroll in several Farm Services Agency programs must submit an annual report to the USDA regarding all cropland use.
The USDA uses the information as an element in its crop estimates, which cover all farms, not just those that participate in the farm program.
