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Farmer skeptical of USDA’s Prospective Plantings report

A Missouri farmer isn’t putting too much stock into the USDA’s Prospective Plantings report showing lower than expected acreage for corn and soybeans.

Richard Oswald tells Brownfield Wednesday’s bullish report won’t affect the market long-term.

“It doesn’t matter what an estimate is, it only matters what we [farmers] actually did…,” he said “We’ll probably, at some point here before too long, see a price correction in soybeans and corn both just because it’s still an unknown fact [of] what those planted acres are going to be and they can change in a day.”

The Atchison County farmer says he’s skeptical about the accuracy of USDA’s acreage estimates across the board.

“Where’d those millions of acres go,” Oswald said. “I don’t know anybody who just doesn’t plant a million acres, you know. So, I’d like to see an explanation from USDA since wheat acres are down and corn acers are down and soybean acres are down. Where are those acres, what happened to them?”

Oswald said he’s seeing a demand driven market regardless of the report. He said with a corn basis of five under, he’s never seen it lower in his area with soybeans not far behind.