Tom Doran, Field Editor
Saturday, June 29, 2013 4:00 PM
MINNEAPOLIS — Corn planted acreage was the biggest surprise in a U.S. Department of Agriculture report released June 28.
Entering the day, trade estimates ranged from 94.2 million to 96.4 million planted corn acres in light of the delayed plantings and wet spring. USDA estimated 97.379 million corn acres.
“The corn estimate was significantly above what anybody was looking for,” Jack Scoville, vice president of Price Futures Group in Chicago, said in a conference call hosted by the Minneapolis Grain Exchange.
“I don’t know if anybody is going to believe that once we get to the end of the day, but it’s the number we have to deal with right now.
“If you were to put a yield estimate, it implies that we’re going to have plenty of stocks, and USDA will be able to reflect plenty of stocks in its reports.
“Even if you use like 153 bushels per acre and use their harvested estimate of 89.1 million acres, you have a production estimate of 13.6 billion bushels. That’s more than enough to keep the market pretty well supplied.
“It’s a shockingly big number, and it will be questioned, but it’s a number we have to deal with.”
Soybean acreage was raised to 77.728 million acres from the March planting intentions estimate of 77.126 million. The average trade guess was just over 78 million acres.
“It’s a good high number and one that implies that we’ll have well over 3.3 billion bushels and one that implies that we’ll have a lot of supplies coming this summer, and we know we have a lot of competition out there,” Scoville said of the soybeans.
Spring wheat planted acres were estimated at 12.296 million acres, slightly above the average trade guess and down from the March projection of 12.7 million.
“That should be expected given all the rain and cold weather that we’ve had in the northern Plains this year. I think people are scratching their heads and wonderin