By Jon Scheve, Superior Feed Ingredients, LLC
The upcoming March 31st USDA report is highly anticipated for several reasons:
- It provides the estimated remaining stocks stored on farms and at commercial elevators.
- It shows how tight stocks are and if price rationing is necessary.
- It includes the first official planting intentions estimate for the upcoming year based upon surveys filled out by producers in early March.
Last month the USDA Economic Outlook Forum estimated 92 million corn acres and 90 million soybean acres would be planted in 2021. However, these are budgetary derived numbers and not based upon actual producer surveys. Therefore, the market will be comparing these estimates and other private estimates until the March 31streport. Prices will then adjust accordingly.
How important is each USDA report?
Many people say the end of March report day is important, and it is, but how does it compare with other reports throughout the year?… Continue readingRead More »