USDA Acreage Update
On June 28 the USDA released the Acreage and Grain Stocks reports. While the report provided some support for both corn and soybeans, it indicated higher than expected corn acres and lower than expected soybean acres. The acreage numbers bring about a substantial amount of uncertainty in the corn and soybean markets. USDA plans to re-survey 14 Midwestern states, including each of the key corn and soybean production states. The results will be released on August 12, so it appears the market unpredictability is set to stay in place throughout most of this summer until more is known. Weather forecasts and crop condition ratings will be the market movers in the weeks ahead.
Information from Daily Market News in Sunflower Highlights by the Sunflower Association.