News
Most analysts expect fewer corn and more soybean acres come June 30th
Most analysts expect USDA to reduce corn acres and increase soybean acreage at the end of the month.
Al Kluis with Kluis Commodity Advisers in the Twin Cities says he’s seen estimates of as much as three million fewer corn acres.
“I think it’ll be one to two million acres less corn, and probably a million acres more soybeans.”
Kluis says prevent plant acres, primarily in the Dakotas and Delta, could surprise. And he’s curious to see how dramatic the shift to specialty crops is in the Northern Corn Belt.
“More edible beans, more navy beans, more lentils, oats, canola, and all that. So it’ll be an interesting report.”
He tells Brownfield while the acreage report probably won’t reveal any wildcards, the grain stocks report also out June 30th might.
“Last year we came in on corn about 170 million bushels less than what the trade expected. However, four of the last six years corn stocks have been larger than expected.”
Based on how the 2019 harvest unfolded in the Upper Midwest, Kluis says he’s still not confident the market has a handle on last year’s production.
