We will remember the 2019 crop year for quite some time. The early spring flooding led to historic planting delays all across the country, which led to delayed emergence of the crops. And the pattern of delayed development continues to today.

The planting problems and subsequent crop progress issues have also created questions/concerns about any crop projections, especially those from the U.S. Department of Agriculture (USDA). The June Acreage report received a lot of scrutiny for showing a tremendous amount of land planted to corn, despite the weather problems. But the report also showed substantial sections of land had not been planted yet, which forced USDA to resurvey planted area for the August crop reports.

The results of that resurvey, along with an update on yield and crop usage projections, were released earlier this month. And those results left more questions than answers for the crop markets.

Let’s start with acreage.

The August reports showed 90 million...