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| USDA’s chief economist presented the House Ag Committee with initial acreage projections for the 2008 crops. He said, U.S. corn plantings will drop to 87 million acres and cotton will slip to 10 million acres next year, while soybeans will rise to 70 million acres and wheat climbs to 64 million acres.
These are very preliminary ideas. This would have to be a minimum for soybeans when on considers usual abandonment & etc.....would be insuffient to meet increased demand. The wheat acres represent a 6% inc. ...think it is an underestimate...think there will be more acres planted-sown.....the corn acreage..will lead to a drawdown in stocks...while these are just ball park estimates.....by usda....it may account for some of the overnight strength in corn & wheat.
I am looking at a printout of the cumulative brazilian rainfall (% of normal) covering the period from Sept 15 thru yesterday.....red represents the deficient moisture areas....the map is mostly red.
TGIF sez the old guy.
Edited by SeniorCitizen 10/19/2007 09:28
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Some Info.
