The Minneapolis Grain Exchange will host a conference call regarding the USDA Planting Intentions report following its release on Friday, March 30.
At 8:15 a.m. central time, Joe Victor, Vice President/Marketing for Allendale, Inc. will provide the commentary on the report. Despite strong futures prices for corn, Victor says the odds favor a downward adjustment compared to the corn data released at the USDA’s March 2-3 Outlook Conference. This projection is based on historical numbers showing that 7 of the last 9 years or 78% of the time, the USDA has made downward adjustments in corn acres from the outlook conference to the Planting Intentions Report. Soybeans have been raised 60 % of the time and hard red spring wheat acres are reduced 66% of the time when compared to the estimate given at the outlook conference just 30 days prior to this report.
