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.