USDA Prospective Planting report full of surprises
Corn and soybean futures skyrocketed following USDA projections of less than expected planted acres for both crops this year.
Allendale analyst Rich Nelson says Thursday’s Prospective Planting report was full of surprises.
“Corn down 2.1 million acres (and) soybeans down 1.2 million, then of course a sharp increase in spring wheat acres. So bottom-line for this report, I think the acreage was a surprise and certainly the biggest topic of conversation would be soybeans.”
With trade guesses of 91 to 92 million acres going into the report, USDA lowered its soybean estimate to 89 million.
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Allendale analyst Rich Nelson says Thursday’s Prospective Planting report was full of surprises.
“Corn down 2.1 million acres (and) soybeans down 1.2 million, then of course a sharp increase in spring wheat acres. So bottom-line for this report, I think the acreage was a surprise and certainly the biggest topic of conversation would be soybeans.”
With trade guesses of 91 to 92 million acres going into the report, USDA lowered its soybean estimate to 89 million.
Click Here to read more.