'No One Expected the Magnitude of What USDA Reported'

April 1, 2016 12:00 PM
It’s a Bear Market

USDA knocked everyone’s socks off  Thursday with the corn estimates in its annual Prospective Planting report. "No one  expected the magnitude of what USDA reported," said Pro Farmer Editor Brian Grete on Friday's Pro Farmer Profit Briefing. 

Based on USDA data, Grete said, corn plantings will be up 5.6 million acres from last year, which is 3.6 million acres more than the market anticipated. That's "a big bearish report for the corn market as we head into the planting season,” he said.

One of the few firms that expected significantly higher corn acres was the Gulke Group, which predicted a 6 million acre increase in corn acres in Thursday's plantings report.

Watch the Profit Briefing below:

Market analysts and farmers alike have taken to Twitter to discuss the topic.

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Spell Check

Wichita, KS
4/1/2016 09:31 PM

  I lied to USDA when they called me, like I do every year. Told them I was planting corn when I don't plant any corn at all. Should capitalize on my bean crop now. Lie to USDA when they call you sway the market in your favor. www.afairmarketprice.com

common sense
Bristol, FL
4/1/2016 08:26 PM

  The USDA likely didn't expect the "magnitude of what the USDA reported". Just another out of control government agency that manipulates data to suit their current objective. How is it possible for their ag conference at the end of February to be off this much by the end of March, they are manipulators. Who knows, Hillary may have been short the corn market, and we take care of our own!

JD Guy
somewhere, MN
4/7/2016 04:20 PM

  So all these marketing firms who talk to more farmers than the USDA does & not one was even close on corn acres? Either they did a terrible job or the USDA is lying. I have never nor will I ever give the USDA any info that I do on my farm & any farmer that does is not only doing himself a disfavor but every other farmer out there.


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