In less than two weeks, the USDA will release one of its biggest reports of the year: the June Acreage Report.
The March 29 Prospective Plantings Report estimated there would be 89 million acres of soybean planted and 88 million acres of corn in 2018.
With the June acreage report due out on June 29, market analysts are starting to release their results.
Last week, Roach Ag Marketing, Ltd. released its survey results, and Brian Roach, president, noted its showing lower corn acres “by a couple 100,000 acres” due to late planting in the upper Midwest.
Roach said this survey might not be as “sophisticated” or generate the responses the USDA receives, this acreage decline “plays favorable to the corn market.”
“We do have to look at the yield potential, and the potential is very good,” he said on AgDay. “Last year’s yield was probably higher than the 176.6 [bushel per acre average. We know that because stocks reports found more bushels on the farm and in commercial storage. This crop in the ground could be very large.”
With weather still in the mix and a lot of growing season left, Roach said growers might have to start looking ahead to 2019.
Hear Roach’s full comments on the acreage battle on AgDayabove.