Seeking Alpha

Corn planting intentions at 4-year low

  • Corn is ahead about 2% after a USDA survey shows farmers planning to plant just 91.691M acres this year, the lowest in 4 years, and down from 95.365M acres in 2013. Trade estimates had been for about 93M acres.
  • One year ago at this time, the nearby corn contract was trading at $7 per bushel - today it's around $5. The USDA pegs March 1 corn inventories of 7.01B bushels, up 30% from a year ago, and about inline with trade forecasts.
  • CORN +3.1%
  • ETFs: JJG, GRU
Comments (2)
  • David at Imperial Beach
    , contributor
    Comments (3599) | Send Message
     
    In the summer of 2012 we had a drought-induced shortage. The price is currently lower than it was before that shortage. The price was in a steady decline all last year, even during planting and up until harvest. With stockpiles on the rise and so little price support at this year's planting time, it's not surprising that less is being planted this year than in the last 4 years.
    31 Mar, 06:08 PM Reply Like
  • PeteCal
    , contributor
    Comments (90) | Send Message
     
    So what will they plant on that land?
    Marijuana
    1 Apr, 08:51 AM Reply Like
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