USDA: Prospective Planting Report is not final word on acreage
USDA says that last week’s Prospective Plantings Report is not the final word on acreage.
The report surprised some analysts as farmers indicated they will plant more soybeans instead of corn, but many farmers are still a few weeks from planting.
The Ag Statistics Service says that the survey was conducted in early March, and a lot can change between the survey and actual planting.
“Are there weather problems that maybe force producers to change their earlier intentions? Did their whole economic situation change? Did the price differential between the various crops shift considerably from what they looked like in early March to what they looked like when farmers got into the actual fields to do the planting?” Lance Honig states.
He adds that the numbers in the Prospective Plantings Report can also cause farmers to shift gears.