An ag economist suggests Thursday’s Prospective Plantings report could spark volatility in the grain markets.
Chad Hart with Iowa State University says recent private estimates indicate the shift to more soybean and fewer corn acres in 2024 could be smaller than what USDA forecast during its Ag Outlook Forum in mid-February.
“If the shift is not as large, that means we’re planting more corn. And that’s why I think we’re seeing some hesitancy in the corn market in the runup here to the report because of the fear of additional acres appearing in the corn part of the ledger.”
He tells Brownfield early USDA estimates showed a three-to-four-million-acre shift from corn to soybeans, but new private estimates reflect about half that.
