U.S. corn and soybean acreage will be lower than previously expected as farmers abandon more fields due to drought, according to Michael Cordonnier, the president of Soybean & Corn Advisor Inc.
The outlook for corn harvested acreage was cut by 200,000 acres to 88.3 million acres and the estimate for soybeans was lowered by 200,000 acres to 73.8 million acres, Cordonnier wrote in a report on the company’s website today.
“If this weather pattern doesn’t change soon, the corn harvested acreage will continue to decline,” Cordonnier wrote. “If the corn crop continues to suffer, more farmers may opt for insurance payments instead of the risk for very low yields.”
About 40 percent of the U.S. corn crop was in good or excellent condition as of July 8, down from 48 percent a week earlier, the U.S. Department of Agriculture reported yesterday. An estimated 40 percent of soybeans got the top ratings, down from 45 percent a week earlier.
For soybeans, “the biggest risk is for increased abandonment of the late-planted double crop soybeans which are certainly getting off to a poor start,” Cordonnier wrote.
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