USDA Pegs Acreage Well Below Trader Estimates
USDA shocked the markets Wednesday morning when planted acreage numbers for corn and soybeans came in below trader estimates. Regional Radio’s Kyle Hill explains.
Total planted acreage in Missouri increased 280,000 acres from a year ago to 13.69 million. Missouri bucked the trend of higher corn acreage, with 100,000 fewer acres planted this year. Farmers are reported to have planted 3.35 million this spring, with 3.1 million destined for harvest this fall. Higher soybean futures during the spring may have led to Missouri adding soybean acres instead of following through with a slight decline. 5.9 million acres were planted this spring, up 50,000 when the prospective plantings report suggested there would be a 50,000 acre pullback. The state’s wheat farmers are in the process of harvesting a half-million acres of wheat, which would be a 35-percent increase from last year’s total.