Firm backs off sky-high corn acreage guess
Remember that 99-million-acre corn crop for 2013 forecasters were calling for earlier this winter? That may have been a bit of a stretch after all.
A key leader with Informa Economics said Tuesday that early estimate is likely too high, and that the number could be as low as 95 million acres. What's most likely, says Informa's CEO Bruce Scherr, is a split of the difference with a crop in the "97-ish million-acre" range, according to a report from Dow Jones Newswires.
The reason for the shift is soybeans; more of them will likely be planted after a recent rise in profit potential. Now, Scherr says the soybean crop in 2013 will likely be closer to 80 million acres after earlier estimates called for a crop closer to 78 million acres.
On top of the backpedal in his firm's corn crop size outlook for 2013, Scherr said Tuesday the corn market could see some wild fluctuation this summer -- as high as $10/bushel and as low as $4/bushel -- depending on how the lingering drought unfolds into the crop season.