Despite all the concern about too much moisture during planting, USDA’s latest crop estimate put the number of acres planted to corn at the second-largest figure since 1944, up 5% compared with last year and just slightly below the record acreage number set in 2007.
USDA estimates that 92.3 million acres were planted to corn and, with a projected yield of 158.7 bu./acre, the expected corn harvest will hit 13.47 billion bu. The report caught the trade by surprise, as most analysts were predicting somewhere between 89.5 and 91.5 million acres.
It’s a long time to harvest and Mother Nature will have to cooperate for everything to fall into place. But it seems that’s true every year. We need a record crop to avoid new record prices, but it appears we are in position for that to happen.