WASHINGTON: Seldom in recent memory has a U.S. Department of Agriculture report delivered a jolt to the markets as great as the June 28 annual Acreage report, which contained a high 2019 corn planted area estimate and a surprisingly low 2019 soybean planted area estimate. Corn futures reacted by turning sharply lower for the day, while soybeans were higher. “The acreage number injected a substantial amount of uncertainty into both markets that appears set to stay in place throughout the summer,” University of Illinois agricultural economist Todd Hubbs said in farmdocdaily. The USDA estimated 2019 corn planted area at 91.7 million acres, up 2.9% from 2018, but down 1.2% from the March Prospective Plantings forecast, well above trade expectations that averaged about 87 million acres and even above the full range of trade forecasts.
