The 2018 growing season was delayed by 10 to 14 days by an extended winter and wet planting season. But a warm May and lots of moisture combined with near-perfect June weather leading up to July 4 in most growing regions may increase growth and yield. As we have had for a number of years, it will be a buyer’s market regardless of how it shakes out. As usual, there are pockets of drought but nothing that will have a significant impact on either the corn or soybeans supply. The warm and dry May/June weather allowed for acreage expansion of nearly 1.6 million acres between corn and beans.
In late June, the U.S. Department of Agriculture (USDA) estimated that corn acres reached 89.128 million acres in 2018. In 31 of 48 states, the agency estimates flat or slightly lower acreage compared with 2017. That number is still higher than USDA’s March estimates of 88.03 million acres.