A Kansas State University grain market analyst believes U.S. farmers will plant more corn than predicted by USDA. The USDA planting intentions report, released Mar. 31, predicts a 6.5 million-acre drop in corn acres planted.
Mike Woolverton, Kansas State Research and Extension agricultural economist however, says he believes actual acres planted won't be that much lower because market conditions have changed since the survey was taken a month ago.
"Right now, producers can make more with corn,” Woolverton said. He also thinks fewer soybean acres will be planted than predicted by the report. "I don't think we're to the panic stage yet," Woolverton said.
“One factor that could keep corn acreage down is the difficulty producers are having getting into the field,” says Woolverton. Producers and investors will begin to breathe a little easier once some significant acreage has been planted, he said.
The economist predicts that the soybean market may be a little more volatile due to a strike by farmers in Argentina.
Source: Kansas State Research and Extension