USDA surprised the grain trade on Friday by increasing corn acres by three percent from one year ago while traders had been expecting a three percent decline. EFG Group LLC market analyst Tom Fritz doesn’t think USDA factored prevented plant acres into the report. “What’s even more shocking is in the June USDA supply/demand report, they lowered planted acres from the March report by three million acres,” says Fritz. “Now they’ve totally negated that number.” There are things in this report that don’t add up. “It’s my opinion that once we digest this over the weekend, it wouldn’t surprise me to see people with their buying shoes back on.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.