USDA Releases Findings Of Smallest Corn Crops Since 2012
A dismal report released by the USDA says something many farmers already knew. Due to the unprecedented rains this past spring, farmers had to start planting later if at all. The USDA prediction released on June 28 indicated that 88 million acres of corn have been in planted in the country. That figure is down from 92.8 million acres in 2018, making it a 6% drop. The USDA was fast to point out that these figures are not the final ones. If the weather patterns from here on out, stay in the normal range these will be the figures. If the 6% drop stays in place, the planted corn crops are the smallest since 2012.
The International Grains Council Also Revealed Less Than Prosperous Findings
The US had a difficult growing time table due to the harsh weather events. The overall grow time for corn farmers has been diminished. Indigo Ag, based out of Memphis, Tennessee, said they have been conducting surveys via satellite imagery. Their findings indicate the crops are significantly less than the amounts of planted corn in 2018. IA relayed that their studies show the corn crop levels will be lower than the amounts of 2012. However when the USDA report was actually released the numbers were better than originally thought. Due to the USDA predictions on Friday it caused the corn prices to drop substantially head of the report. The revealed acres planted revealed on Saturday were a little better than predicted.
The USDA Warns That The Acre Numbers Released May Not Hold Up Long Term
The Department of Agriculture said the corn acres report released on June 28th may not be the final numbers. The data for the latest USDA report was calculated during the first two weeks of June. At that time several farmers were not yet able to plant their corn due to heavy rainfall. There are some contradicting numbers depending on who is doing the reporting. The USDA’s final report indicated that 91.7 million acres were planted.
Meanwhile industry groups who reported to ‘Successful Farming’ came up with the a different number. SF said the numbers they have after consulting with various industry groups put the number of acres at 86.7. Tricia Braid a spokesperson for the Soybean Association of Illinois weighed in on the reports. Braid said the number that have been reported differ greatly from what Illinois farmers are actually seeing. The Chicago Mercantile reported that after the initial prediction was reported the corn prices dropped. The prices dropped by 20 cents a bushel.
Experts said that by mid June the corn prices saw a very healthy gain in prices. Now with the prediction and the subsequent report the price numbers are back to record lows. The USDA will gather more data in July, to see how the numbers compare to the June report. A USDA official said that if the numbers differ substsancially, they will update the findings in August.