News

Eyes on corn acres in upcoming USDA report

A lot of eyes are on the upcoming USDA June acreage and quarterly stocks report Friday and especially the corn acreage number from the 90-Million acres put out in March.  Angie Setzer, grain analyst with Michigan-based Citizens Elevator, says, “Of course, they’re going to be looking to see if any sort of reduction in corn acres is going to spill over into soybean acres at this point in time.”

Setzer tells Brownfield Ag News traders are “squaring up” ahead of the report knowing that the USDA has thrown some curve balls at the market in the June 30th report over the last 10 years, “We’ve seen some real large swings in stocks numbers. We’ve also seen some changes in acreage numbers. And with the wet spring that we’ve had this year, there’s been some concern that we could see some acreage back off in certain areas, especially those areas that have been exceptionally wet or have seen multiple attempts at replanting.”

Setzer says Eastern Corn Belt states, which had the brunt of the rain and replanting, could play a big role in the numbers. But, she tells Brownfield traders will look at Friday’s reports with a lot of caution. She says the wet weather in Kansas and Oklahoma – and the dry weather in the Western Corn Belt, especially the Dakotas, could swing acres back to corn. The reports are out at 11 a.m. Central on Friday.

AUDIO:  Brownfield’s Meghan Grebner interviews Angie Setzer~