The USDA published the Acreage and quarterly Grain Stocks reports on Friday and several factors combined to send the corn price in the ag marketplace to the downside.
On Friday the ag marketplace reacted with a double digit drop in the corn price after the USDA Acreage and quarterly Grain Stocks reports were unfriendly for corn says USDA Chief economist Seth Meyer.
The report showed 91.5 million planted corn acres, which is down 3% from a year ago. However, the total acreage number is more planted corn acres than farmers said they would plant in the March Planting Intentions report.
The quarterly Grain Stocks number is also unfriendly for the corn price says Meyer.
He says the higher acreage number and large amount of corn in storage means one thing.
That was USDA Chief economist Seth Meyer.
