Corn, soybean production prospects continue
Corn and soybean markets continue to reflect uncertainty about the potential size of the 2013 U.S. corn and soybean crops, notes Darrel Good, University of Illinois ag economist. Uncertainty about both acreage and yield prospects have contributed to the relatively wide trading range (80¢/bushel for corn and $1.00/bushel for soybeans) over the past month.
USDA's June Acreage report showed that producers planted or intended to plant slightly more acres of both corn and soybeans than indicated in the March Prospective Plantings report. The report also showed the difference between planted acreage and expected harvested acreage of corn for grain was larger than average. On the other hand, the expected difference between planted and harvested acreage of soybeans was smaller than average.
USDA has indicated that it will resurvey soybean acreage in 14 states during July and reflect any changes in the August Crop Production report. Some additional acreage information for both corn and soybeans may also become available through the normal survey process for the August, September, October and November production reports. Certified acreage data from the Farm Service Agency (FSA) will also become available and should be reflected in the USDA's October production report.