USDA will release the planted acreage and quarterly stocks report on Tuesday, June 30. The acreage numbers could be a surprise. “Some shocking numbers are being thrown around,” said Naomi Blohm, senior market advisor, Total Farm Marketing. “One analyst group suggested corn acres could be down to 94 million acres instead of the USDA’s estimate of 97 million. Now, if that is the case, it’s definitely not priced into the marketplace. It’s significant, because if you take trend-line yields on 94 million acres of corn, it drops the three billion bushel carryout. If we have weather issues along the way, carryout could drop more and then, we have the potential for a weather market.” The quarterly stocks number could also contain a few surprises.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.