More acres will not grow carryover
USDA announced at their annual outlook forum that their 2021/22 estimates for total acreage of corn, wheat and soybeans rose to 227.0 million acres from last year’s 218.3 million. That compares to an average trade guess of 228.0 million acres. I do not think that these estimates were any surprise to the trade. As prices have risen along with tightening U.S. balance sheets, all major crops are profitable giving farmers more than one profitable crop option for the first time in several years. Prevent plant acres? What farmers intend to plant and what they actually get planted has been imp...