So, how many planted acres do we actually have?
Purdue ag economist Jim Mintert doesn’t believe we’ve answered that question yet with Monday’s USDA report. He feels there are some discrepancies between the planted acreage and the prevent plant data released by the Farm Service Agency on Monday of over 11 million prevent plant acres on corn and about 4.3 million on soybeans.
“That means on the corn and soybean side, we had almost 15.6 million acres prevented planting and yet we came back with the 90-million-acre figure on corn. I think the trade is going to continue to focus on that here as we head through the month of August and try and resolve whether or not we really do have 90 million acres of corn out there, as well as continuing to monitor weather conditions.”
For Purdue ag economist Chris Hurt, he believes the story is that despite all the weather concerns and lower production estimates, prices are strikingly similar to a year ago.
“Corn prices last year, US farm prices for the ‘18 crop, are going to average about $3.60 a bushel. For the 2019 crop, given where we are with the production reported by NASS today- $3.60 for the ‘19 crop; no change in price. So, it’s going to be very discouraging to our Indiana farmers who think they have, and many will have, lower yields and to have basically no help from the price side.”
2018 soybeans were at $8.50/bushel and they’re estimated at $8.40 a bushel this year. Hurt said that Monday’s report would amount to total corn and soybean acres in Indiana dropping 8% from last year with corn yields down an estimated 12% and soybean yields down 15%.
Hoosier Ag Today streamed the panel discussion live on our Facebook page. You can view that whole video above.