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How much will corn acres decrease in Tuesday’s report?
The big question heading into Tuesday’s revised acreage report from USDA is how many corn acres were switched to soybeans this spring.
Market analyst Jeff Peterson of Nebraska-based Heartland Farm Partners says he expects a two million acre decrease in corn acres, to around 95 million.
“The only thing we’re having a hard time with is the fact that the type of conditions we had in the spring normally would indicate that we’d see more corn acres planted—because normally when we plant into a little bit drier conditions, they put a little bit more corn in,” Peterson says.
But he thinks the lack of profitability on corn probably caused more farmers to switch to soybeans this spring.
Peterson looks for soybean acreage to be around 85-point-5 million.
AUDIO: Jeff Peterson
