USDA “Planting Prospective” report points toward more corn

USDA "Planting Prospective" report points toward more corn; Grain stocks report may mean lower ending corn inventory   

Many crop analysts are suggesting the scenario is being set for a record corn harvest this fall with corn acreage expected to be 95.86 million acres this year, an increase of 4 percent over last year. But in the end, much depends on the weather conditions in order to achieve a record crop.  USDA’s "Prospective Plantings" report today had corn acreage 1.14 million acres above consensus expectations of analysts of 94.72 million acres.  USDA said that if 95.86 million acres of corn are planted this year, it would be second only to the 97.2 million acres in 1937.  Apparently, some of the increase in corn acres will come at the expense of acres for soybeans this spring.  Soybean plantings are estimated to be 73.9 million acres, 1.4 percent below the 74.98 million acres last year and 1.49 million acres under analysts’ consensus of 75.39 million acres. Read More