Thursday’s USDA report on acreage and quarterly stocks could show more corn and soybean acres.
Merrill Crowley of Crowley Commodities in Watseka says the trade is currently looking for an average of 92.896 million corn acres and 83.834 million soybean acres. Crowley believes beans could be a little higher.
“I think probably a million acres have been switched from corn to beans. We’ve got what they call ghost acres because when the price goes up, they seem to appear out of nowhere and when the price goes down, they seem to disappear,” Crowley told The Central Illinois Farm Network this week.
Around 1.4 million acres were lost from last year’s planting to this year. Prevent plant acres will not be as large this year so there are extra acres there.
“We’re looking at the winter wheat crop coming out earlier in a lot of places and with this moisture that has come through, I think you are going to see a lot more second crop with beans following wheat.”