Highlights from the June 28 USDA numbers

By Jon Scheve, Superior Feed Ingredients, LLC

On June 28, the USDA released the latest acreage and stocks on hand report, which is arguably the most important of the year. The following are the highlights.

Corn Acres

The USDA is predicting 91.5 million planted corn acres this year. It showed 3.3 million acres still needed to be planted while the survey was collected. However, 2.2 million acres were still being planted during last year’s survey, and that was never a big deal. I suspect the final planted acreage will ultimately end up being around 91 million acres or higher.

Flooding

There have been a lot of flooding concerns this year, which could show up as a decrease in harvested acres on the January report. However, the USDA is using the 10-year average percentage for harvested acres in this report. That means if weather remains normal throughout the U.S. for the rest of the year, less planted acres would be abandoned, which would likely offset some lost acres from flooding.… Continue reading