On Monday USDA published the much-anticipated Prospective Plantings and Quarterly Grain Stocks reports. USDA Chief Economist Seth Meyer explains where the USDA’s Prospective Plantings forecasts fall within the range of trade expectations.
Meyer says that the Prospective Plantings report is based on intended plantings and the numbers could shift throughout the spring based on weather and the ag markets.
With the number of corn acres increasing some of the new acres are expected to be planted by farmers in the South switching from cotton to corn for economic reasons.
Meyer also expands on the acreage numbers for wheat.
USDA Chief Economist Seth Meyer.
