The trade is trying to figure out just how much corn will get harvested this year, which Pro Farmer’s Brian Grete is calling the “impossible puzzle.”
With prevent plant and wet weather, the corn balance sheet may readjust significantly this fall and that may keep corn prices higher through 2019.
The long corn/short bean spreaders were caught again leaning the wrong way and the exit door wasn’t big enough to let long corn folks out quick enough.
The Prospective Plantings report, combined with the quarterly Grain Stocks report showed the U.S. has too much of everything, says Jerry Gulke, president of the Gulke Group.
Corn prices were hit with a double whammy in the USDA reports—big acres and big stocks.
Corn planted area for all purposes in 2019 is estimated at 92.8 million acres, while soybean planted area for 2019 is estimated at 84.6 million acres.
USDA will release its 2019 Prospective Plantings report at 11 a.m. CDT on Friday, March 29.