Allendale Acreage Survey Shows More Corn, Less Soybeans than ExpectedThu, 19 Mar 2020 11:36:42 CDT
Allendale, Inc, a Chicago area agricultural commodity brokerage and analysis firm, has published its 2020 Annual Acreage survey results.
Associate Farm director KC Sheperd spoke with Rich Nelson, Chief Strategist for Allendale, about the results, and he says this report gave them a few moderate surprises, "U.S. farmers, as a whole, planted a little more corn than we expected to see this year. 4.9 million extra acres to now 94.6. Soybean wise they are talking about only an increase of 7.6 million, to now 83.7."
He says the main message from the survey was that we see a little more corn than expected, and a little less soybeans.
With Wheat acres still tumbling, Nelson says the wheat acreage number they show is the lowest in history since USDA started keeping the all-wheat numbers back in 1919. Nelson says, "At this point, I don't really see a stopping point for it just yet. We probably will see a slight decline in the wheat acres in these next few years."
Nelson says as far as the markets are concerned, he still thinks for the next two weeks we will again see some lower pricing based on the COVID-19 concerns. Still, there will be a point when it comes back, "We will get this market realizing we are a bit undervalued, and with some planting concerns we will see a rebound maybe in that mid to later April time-frame."
Click here to hear the complete interview with KC Sheperd and Rich Nelson of Allendale
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