The impact of the spring’s wet weather and flooding continues to be present in the U.S. agricultural industry
continue to be present in the U.S. agricultural industry as the USDA works to quantify the impact in its latest acreage report on the industry., released last week, reported a corn planting estimate of 91.7 million acres, which was much more than pre-report surveys were expecting. Industry experts also found the USDA's lower-than-expected soybean planting estimate of 80.0 million acres surprising as it’s the smallest reported planting since 2013.
“With the extremely wet weather from this spring, it’s surprising the USDA reported 83% of intended corn acres had been planted at the time of the survey in early June and assumed the rest of the corn got planted,” says Todd Hultman, lead grain market analyst at . Hultman explains that the wettest states in the Eastern Corn Belt showed no or only slight corn acreage reductions from 2018, which is highly unlikely as June's weather has only recently turned more favorable.
The USDA's National Agricultural Statistics Service branch has already announced a new planting survey for corn, cotton, sorghum and soybeans will take place in July for 14 states and the results will be provided in USDA's Crop Production report on August 12. The summer weather is looking warmer and drier overall with the exception of in the northern Midwest. This includes the wettest areas in Indiana, Ohio and Michigan and Hultman expects there was likely some additional planting that got done and will be reported.
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