Grain traders are questioning whether the USDA played an early April Fool’s Day joke with its corn acreage projection in the department’s March 31st acreage estimates.
The Prospective Plantings Report included a projection of 93.6 million acres of corn in 2016, well beyond the trade’s average expectation of just under 90 million.
The soybean acreage estimate was in line with analysts’ guesses at 82.2 million acres, while the USDA’s all-wheat acreage number was lower than the trade predicted, coming in at 49.6 million with surprisingly low spring wheat area.
There were no major surprises in the Quarterly Stocks Report, with March 1 stocks generally within the range of expectations.
Some Twitter reaction to the report:
#corn pic.twitter.com/qUobvcjB3j
— Lorne Boundy, P.Ag. (@LorneBoundy) March 31, 2016
corn acres pic.twitter.com/GWWYGF4uue
— Gluteny McGlutenface (@WhiteWheatTweet) March 31, 2016
Today’s USDA sends corn futures down, wheat up and beans remain flat #westcdnag
— FarmLink Marketing (@FarmLinkCanada) March 31, 2016
Corn acreage number is borderline insane, what is wrong with these farmers
— Matt (@hedgemonster) March 31, 2016
Is that #corn acreage a typo? #seaofcorn
— Brian Voth (@Brian_Voth) March 31, 2016
Run that 93.6 acre number against a 5% above trend yield. Just do it. haha
— Tregg Cronin (@5thWave_tcronin) March 31, 2016
Corn acreage incredibly bearish. Corn stocks in line with expectations. Soybean acreage bullish, stocks slightly positive.
— Angie Setzer (@GoddessofGrain) March 31, 2016
This is what I’m contributing today’s numbers to, an early April Fools Day joke.
I already feel better. https://t.co/SebwYdleRN
— Angie Setzer (@GoddessofGrain) March 31, 2016
and #oats simply don’t care intentions are down 11% year on year pic.twitter.com/WWgXh75OgG
— Lorne Boundy, P.Ag. (@LorneBoundy) March 31, 2016
Subscribe to RealAg’s free newsletters here!
