June is nearly half over, and for Jarod Creed, commodity analyst, it’s too early to start discussing yields and yield problems. Instead, he thinks the acreage number is more important.
“Last year, it wasn’t 170-some bushel corn yield that hurt us,” said Creed. “It was the fact that we planted 94.5 million acres, which is 2 or 3 million too much.”
When 2017 started, many producers were expecting to see between 90 to 92 million acres of corn, but with a lot of rainfall in the Corn Belt during the planting season, Creed expects to see less than 90 million acres.
Many producers are concerned on why the market hasn’t reacted more than what it has because of weather issues growers experienced during the planting season.
“I would estimate that the American farmer still has roughly 30 percent of last year’s corn to sell before we get on a combine this fall,” said Creed.
Hear Creed’s full comments on yield vs. acreage on AgDay above.