The U.S. Department of Agriculture’s (USDA) Ag Outlook Forum concluded Friday and Jerry Gulke, president of the Gulke Group was listening online with the hope for new guidance or more soybean acres; however, that didn’t happen. Surprisingly, the government kept corn and soybean acres about the same as last year.
It seems USDA kicked the can down the road by keeping the acres the same, perhaps to see what happens on the March 29 Prospective Plantings report, Gulke says. They did lower the expected yield in corn and soybeans, though.
“Given all that,” he says, “the supply and demand didn’t change much.”
Barring a shock by Mother Nature, we could be seeing a range-bound market in the year to come.
Listen to Jerry Gulke’s complete commentary on the Ag Outlook Forum, South America’s weather, and what the March 29 planting intentions could mean to the market.