This week’s WASDE will include the results of a secondary acreage report in both the Dakotas and Minnesota. A senior market advisor with Total Farm Marketing says that there is a lot of uncertainty surrounding what those numbers will add up to.
“It’s a big question mark for me because you know, as I was talking to farmers in the spring, they were saying, ‘well, I’m thinking about doing prevent plant acres,’ and then it seemed like maybe they were pushing it in at the last minute. And some said no, for sure I did take the prevent plant. So, I gotta be honest, I don’t have a clue where these numbers are going to end up. So, your guess is as good as mine and as far as the condition of the crop, as far as what is there and what’s growing of course, we know it’s behind because it got planted late, but I’m not hearing my guys complain about the crop. So, when they’re not being vocal, that usually means things are okay,” according to Naomi Bloom.
She says that she is optimistic about Friday’s report but believes the market will take a defensive approach
While we wait for Friday’s data release, economists believe the hot, dry weather will have some impact on yields. An expert with Grain Cycles says that with 31 percent of the country’s corn area in a drought, the projections are likely to be lower.
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Texas cotton farmers are hoping things will get better soon
