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Midweek Markets: The case of the missing 5 million corn acres

Catch up with the latest analysis on this week’s quarterly acreage and grain stocks report from USDA, the prospect for a weather rally and more. (audio)

Ben Potter

July 1, 2020

Not all of USDA’s reports create a lot of excitement in the grain markets, but Tuesday’s highly-anticipated quarterly acreage and stocks reports certainly didn’t disappoint. Corn and soybean prices made substantial inroads both yesterday and today after data in the report triggered some technical buying and short-covering. 

Among the key data points in those reports was the fact that USDA now estimates just over 92 million acres of corn were planted this year, versus an admittedly bullish estimate of nearly 97 million estimates at the end of March. 

What happened to those 5 million acres? We take a closer look in this week’s podcast, along with some relevant soybean and wheat data.

We also investigate the odds for even higher prices as the season progresses. The latest weather forecasts offer some clues, but the crystal ball remains somewhat murky for now. Listen to the latest Midweek Markets podcast for July 1, 2020.

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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