Our country’s biggest crop ever is in the ground, but market expert Jerry Gulke says we could still come up short in corn. He provides analysis.
One of USDA’s biggest reports of the year was issued Friday. The June Acreage report showed U.S. farmers have more crops in the ground than ever before.
Here are the highlights:
- Corn planted area for all purposes in 2012 is estimated at 96.4 million acres, up 5% from last year and represents the highest planted acreage in the United States since 1937.
- Soybean planted area for 2012 is estimated at 76.1 million acres, up 1% from last year and is the third highest on record.
- All wheat planted area is estimated at 56.0 million acres, up 3% from 2011.
- All cotton planted area for 2012 is estimated at 12.6 million acres, 14% below last year.
The Weather Market Rules
The Potential Price Explosion
No Drought Relief in Sight
In the Corn Belt, intensifying heat and dryness are elevating concern for corn and soybeans over the central Mississippi and Ohio Valleys, according to USDA's Joint Ag Weather Facility. As of June 26, approximately 49% of the nations’ corn and 50% of the soybeans are now under varying degrees drought.
USDA reports that extreme heat (100°F or greater) and gusty winds are rapidly depleting already-bleak soil moisture supplies and causing high levels of stress on reproductive corn, soybeans, and other summer crops across Missouri and southern portions of the Ohio Valley.
On the Plains, a weak frontal boundary is separating blistering heat (100-110°F, locally higher) across the southern half of the region from cooler conditions over the northern Plains.
In contrast, much-needed showers are falling in the western Corn Belt, where crop prospects remain generally favorable. Also, showers are developing along the front in Nebraska and South Dakota, but much more rain is needed for pastures and summer crops.
Listen to Gulke’s full audio analysis:
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