Weekly Outlook: Corn Production Prospects Remain Uncertain
US - The USDA’s Prospective Plantings report released on March 31 provided much of the fuel for the spring rally in corn prices. Corn producers reported intentions to plant only 86.014 million acres of corn, nearly 7.6 million fewer acres than planted in 2007. Intentions were well below expectations and well below the magnitude of acreage needed to allow corn consumption to continue at the current rate of 13.11 billion bushels per year.