Big report day June 28

By Jon Scheve, Superior Feed Ingredients, LLC

This week we saw the first crop conditions released, and the assessment was the crop is starting off in really good shape. Additionally, the market senses the corn crop will get planted, but how many acres will there be?

Corn acre estimates for the June 28 report are ranging between 87 million and 93 million, which is a very wide spread. Assuming 180 bushels can be raised on each acre, that is a 1-billion-bushel production difference.

A 1 billion bushels change in carryout could mean a 2.2 billion carryout next year and would likely send December corn below $4.00. However, having only a 1.2 billion carryout could send December corn to $8.

This means the June 28 report will likely be the most important USDA report of the year.

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