Corn and soybean futures each jumped roughly 5% today after the USDA released its Planting Intentions Report.
Some quick highlights from the report reveal that there appears to be plenty of corn and beans coming our way, but cotton will continue to be neglected, as we had anticipated.
- Corn acreage is down 1% from last year, but is still projected to be the 3rd largest acreage in over 50 years.
- Soybean acreage is on track for a record year, up slightly from 2008. This is below expectations though, hence the rally.
- Cotton acreage is projected to be 7% below last years total, and the lowest since 1983. The Associated Press reports that low acreage and high production costs are being blamed.
Cotton futures rallied on today’s planting intentions report.