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Mascoutah, Illinois | I wasn't basing acres on what was in my backyard but by the rate of record seeding we had in April. If I wanted to base acres on what was in my backyard, I would say we have more corn in this immediate area than we did in 2007 when we planted 93.6 million acres. As for the bumper crop, we will have the third largest crop in history. I interpret that number as a bumper crop but there may be some debate in the numbers by definition.
Many fund managers, traders, and hedge fund managers were taking risk off the table in the past few weeks to raise cash. We had quite a bit of deleveraging taking place in the markets and this report added to the deleveraging were a perfect storm for today's price action.
If I have the numbers correct, the crop should come in at 13.037 billion bushels. I am taking the yield of 161bpa times harvested acres of 80.98.
I find some humor in the fact that nobody had the acreage estimates right the past two years amongst all of these trading firms.
Edited by djmcountryboy 6/30/2010 12:01
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usda planting acres
