Next week, we will finally see the much-anticipated USDA Acreage report. The March Planting Intentions report showed a shift of corn acres to soybean acres, and many estimates are showing that even more acres may have shifted to soybeans since then. Garret Arndorfer, hedging strategist at AgMarket.Net, said their estimates have combined corn and soybean acres at 180.2 million due to low prevent planting.
Arndorfer said fertilizer prices, supply challenges, and excessive moisture across parts of the country likely led to the dip in corn acres. However, a spring rally in the corn prices may have kept that reduction from being more significant.
As we head into the report next week, Arndorfer said it would be wise for farmers to consider some market moves to protect themselves from any unexpected numbers the USDA may put out.
For more information, visit agmarket.net.
