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NW Iowa | Farm Futures current estimate for 2017 corn acres is about 3.5 million less than last year. In fact, they are currently estimating almost exactly the same acres of corn as acres of beans, with beans being up about 7 million acres.
Lets assume these are ultimately accurate numbers. We can assume it would hit the bean market fairly hard, even with good demand and usage. But the bigger question for me is what would 3.5 million less corn acres do with new crop futures? Its over half a billion less production at 165avg. So this would project a carryout in the 1.6 billion range if my memory of the current carryout is close.
Obviously weather and national average will ultimately be big factors, but if March 31 report agrees with their numbers, what does Chicago do?
Edited by maxflex540 2/20/2017 10:35
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Corn acres
