8/28/2019

A Farm Futures magazine survey of U.S. planting intentions for 2020 indicated producers expect to add corn and soybean acres in the coming crop year after widespread planting delays curtailed seedings for the 2019 harvest. Corn seedings for 2020 seen at 94.1 million acres, up 4.5% from the USDA August 2019 estimate. Soybean seedings seen at 83.6 million acres, up 9.0%. All-wheat plantings seen at 45.1 million acres, down 1.1%.

Weather forecasts remain void of a frost/freeze event into the middle of September. Although the cool temps will continue to slow crop development. The 6 to 10 and 8 to 14-day forecasts show cooler but drier weather likely in the central U.S.

New crop export commitments for corn and soybeans as of late August are at a 14-year and 13-year lows respectively. Brazilian corn exports for the period March – August are estimated at 22.5 MMT’s, crushing the previous record of 14.5 MMT’s in 2017.