OSU's Kim Anderson tells us how the USDA's planting Report Compared to Expectations and if those Numbers will help Wheat prices.Thu, 01 Apr 2021 16:13:40 CDT
Oklahoma State University Extension Grains Market Analyst Dr. Kim Anderson talks about what is going on in the Wheat Markets. Dr. Anderson says right now the world has too much wheat. This week Dr. Anderson is talking about the latest planting report.
Anderson says there are some big numbers in this report, "Well, there's some big numbers in that and going over the numbers, I think it's important to compare it to what was expected, and last year, you look at all Wheat, the planted acres came in at 46 Point 4 million acres, the market was expecting 44.9 7 million. Last year was 44.35, so significantly more wheat acres planted than expected, you'd think that would be in the spring wheat that hadn't been planted yet, but it's not. Spring wheat came in at 11 Point 7 million acres. The market was expecting 11.64, so just a small bit above expectation. So Just a small bit above expectation is above 12 .25 million acres last year. Hard red winter wheat came in at 23 Point 2 million acres, compared to market expectations of 22.3. And that's a 900,000-acre increase in hard red winter wheat planted acres. Soft red winter wheat at 6.4 million acres. The market expected 6.2, that's 200,000 acres above expectations, so that's negative. You look at corn; It came in at 91.1 million acres, the market expected 93.2, significantly below expectations, but above last year when it was 90.8.
Soybeans came in at 87.6 million acres, the market expected 90 million acres, well below that expectation but above the 83 million acres planted last year, and cotton came in 12 million acres. The market expected 11.9, so about 100 million above expectations and slightly below last year's planted acres."
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