News

Analyst: Prevent plant acres higher than expected

USDA’s Farm Service Agency (FSA) released it crop insurance numbers this morning. They show farmers were prevented from planting nearly 2.2 million acres of soybeans and 2.3 million acres of corn this year.

Rich Nelson with Allendale says those numbers were higher than the trade expected.

“The price reaction is a little muted here today because of our very ample rain forecast line up for this week,” Nelson says. “But as a whole, it looks like we may need to see declines—probably a half-million, maybe even up to one million—in acreage in corn and soybeans by the January report.”

FSA reported 630,000 prevented wheat acres, with Illinois accounting for nearly one-quarter of those prevented plant wheat acres.

AUDIO: Rich Nelson