The market is ready to anticipate planted corn and soybean acreage in 2014.
University of Illinois Ag Economist Darrel Good says that’s a little complicated after unfinished 2013 estimations. USDA’s National Agricultural Statistics Service estimated the planted acreage of principal crops at 325.6 million acres this year, but the estimate for soybeans was cut.
NASS was supposed to reevaluate the estimates in its October crop production report, but with the partial shutdown of government, that is not likely to happen.
Good says crop acreage should be larger next year, with millions of acres predicted to enter production.