It’s March, which is my favorite time of year both in life and in the commodity markets! USDA’s March 31 Prospective Planting report is one of the biggest market movers of the year and one that those of us in the marketing space have been anticipating for months.
To be sure, USDA’s numbers on March 31 aren’t necessarily a guarantee of crop size. And the acreage isn’t guaranteed either. Consider last year, when USDA’s (and Farm Futures’) survey found that growers anticipated growing more soybeans than corn. But high corn prices, thanks to Russia’s invasion of Ukraine, and a cold and wet planting season led many growers to change acreage outlays after the March 31, 2022 report.
Uncertainty continues to reign supreme in all markets in 2023, but there are a few factors farmers can consider that may help steel marketing plans for any upheaval USDA’s March 31 report may cause.