The adjustment in corn acreage from the March prospective planting
forecast of 97 million to this week’s USDA projection of 92 million acres is
the largest in the history of the reports.
Al Kluis with Kluis Commodity Advisers says these estimates date back nearly 40 years, demonstrating how significant the 5 million-acre reduction is.
“And what’s encouraging, especially if you plug in the rally of today, we’re trading up at three-month highs.”
During a webinar Wednesday hosted by the Minnesota Corn Growers Association, Kluis says producers should be ready to sell into this rally.