Find out what the agency expects from corn, soybeans and wheat this year.
Thursday, Feb. 22, marked USDA’s first look at 2018 acreage estimates. A day later, the agency followed up with its preliminary supply, demand and price outlooks for major grain crops for 2018/19.
Although the report noted some interesting production shifts, grain markets neglected to make any significant adjustments in Friday morning trading, notes Bryce Knorr, Farm Futures senior grain market analyst.
“The market has already discounted USDA’s acreage estimates, believing growers will opt to plant more soybeans and less corn because soybeans offer a better shot at profits,” he says.
USDA projects corn production in 2018 will reach 14.930 billion bushels, which is 1% lower compared to last year. That number is based on fractionally lower planted acres, plus a return to trend yields. Because of that, corn supplies could decline from record highs from 2017/18, but they remain relatively la