Planting of the 2021 corn and soybean crops has mostly wrapped up across the United States, but even so, we continue to see a considerable acreage debate take place.
In the March planting intentions report, acres were predicted at 91.1 million for corn, 87.6 million for soybeans and 44.7 million for wheat. While these were up from last year, they were all under what the trade was expecting.
Ever since their release, the trade has predicted higher planting numbers for the June revisions report that will be released on the 30th of the month. For the most part, we are seeing increases to acreage estimates of 3 million acres for corn, 1 million acres for soybeans and a slight decrease to spring wheat acres.
While these changes are possible, we have to question why they would happen. The obvious reason would be price, but we aren't seeing a push from any one commodity over the other, especially between new crop corn and soybeans.
The ratio between these two contracts has held close to...