USDA have come out with acreage planted for this crop year

[OnlinePoker]

I put this in GD, but thought it might be useful here as well.
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Somehow, despite inundated fields, corn is up 3% from last year. Soybeans, wheat and cotton are all down, 10%, 5% and 3% respectively. Other crops are included at the link.

https://downloads.usda.library.cornell.edu/usda-esmis/files/j098zb09z/0k225n39n/jw827p632/acrg0619.pdf

[underpants]

1. Interesting

Thanks

[underpants]

2. Corn is paid to yield not market, correct?

That's how I've understood it for the last 20 something years.

[OnlinePoker]

3. I'm not positive, but ethanol production has screwed up the economics

From what I read somewhere else, the amount being diverted for that is a fixed amount, not a percentage of the total crop. So if you have a really bad growing year, the fuel industry would still get their full cut and ranchers and food producers would fight over the remnants.

[Wellstone ruled]

4. As I suspected,

another juiced USDA report. Okay,why did Corn Futures take a Turd this morning ? Answer is,they were over priced to start with,and this 3% if pure Bull. The Major Corn Belt has Thousands of Acres either under water or to wet to plant. Recent Storms in Ohio,Illinois,and Iowa has either drowned out or hailed out thousands of acres. Understand the report was done up the first few days of June.

[NickB79]

5. Seeds in the ground doesn't automatically translate to bushels in the silos

A lot of the acreage that's been planted won't yield much, as the seed either rots or struggles to mature.