There is a lot of attention surrounding tomorrow’s Prospective Plantings Report, but analysts warn there are challenges to its accuracy.
Analysts with DTN call it one of the least helpful reports the department releases, saying the weather is one of the main reasons why. They point to 2019 when a wet planting period followed that report. That year, the data overestimated corn acres by 3 million and soybeans by more than 8 million. In 2020, when the pandemic hit, the March report overdrew corn by nearly 7 million acres.
Despite the discrepancies, analysts say the report tends to be a big market mover.
