USDA Report: What Nogger Says
Only the USDA could decide that a review of their June corn acreage numbers, didn't also warrant a review of their soybean planting figures as well.
It already seems to me that, before the numbers are even out, they may well end up being consigned to the "unreliable and outdated information" folder.
The trade is now saying that corn acres were probably in reality anywhere between a half and two million lower than the USDA's June number of 87.035 million. Back in June you may recall that the USDA stunned the trade with an estimate 1 million higher than the highest trade guess and a whopping 3 million above the average trade guess.
Yield potential has undoubtedly improved since then, so at least some if not all of the anticipated reduction in corn acres should be offset by that.
The USDA's June soybean acreage estimate was 77.483 million acres, and it looks like we are stuck with that for the time being.
Until we get the USDA figures it is impossible to guess how far out from reality they will be. Recent reports have sprung regular "completely off the radar" surprises, this one promises to be no exception.
It already seems to me that, before the numbers are even out, they may well end up being consigned to the "unreliable and outdated information" folder.
The trade is now saying that corn acres were probably in reality anywhere between a half and two million lower than the USDA's June number of 87.035 million. Back in June you may recall that the USDA stunned the trade with an estimate 1 million higher than the highest trade guess and a whopping 3 million above the average trade guess.
Yield potential has undoubtedly improved since then, so at least some if not all of the anticipated reduction in corn acres should be offset by that.
The USDA's June soybean acreage estimate was 77.483 million acres, and it looks like we are stuck with that for the time being.
Until we get the USDA figures it is impossible to guess how far out from reality they will be. Recent reports have sprung regular "completely off the radar" surprises, this one promises to be no exception.