2019 Prevented Planting Acres vs. 2013
In 2013 the total acres planted to crops reported in the FSA monthly figures were around 246,000,000 acres and using the March 29th Prospective Acres for 2019 this same group was 251,700,000 acres.
The price of Dec Corn on 5-8-2013 was $5.32 a bushel, Nov Soybeans were at $12.14 and Sep KC Wheat was at a $7.70 price that date.
2013 saw PP Corn acres of 3.57 million, Soybeans at 1.685 and Wheat at 1.975 despite the prices shown above.
It certainly looks like USDA did not account for 2019 planting being down due to PP in their March 29th report.
They will very likely use their 92.8 million corn March 29th figure in tomorrow’s report but I highly doubt the figure will end up over 90 million when everything shakes out.
Just something to consider from a fundamental standpoint.
If 4.5 million acres (or more) of corn end up in PP it would not be surprising given the current price structure.
Re: 2019 Prevented Planting Acres vs. 2013
I wish I would have looked at my crop insurance policy before I rushed around to get corn planted this year. 85% of my corn is on flat river bottom land and has taken on 7 plus inches of rain in the last week or so. PP pays out $340 per acre. Hope it keeps raining now so I don’t get the rest planted. The best crop will be NO crop.