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Tidbits, Acreage, Parana, Call Options, Rain Days Update 3/26/23

Highlights


Farm Futures 2023 acreage survey released Friday favors beans over corn:

Corn: 87.677 million (88.579 last year, USDA Outlook: 91.0)

Soybean: 89.620 (87.45 last year, USDA Outlook: 87.5)

All wheat: 45.744 (45.738 last year, USDA Outlook 49.5)

Winter wheat: 34.417 (33.271 last year)

Spring wheat: 10.152 (10.835 last year)

Durum wheat: 1.175 million (1.632 last year)

Cotton NA (13.76 last year)

Sorghum NA (6.3 last year)

Barley NA (2.945 last year)

Oats NA (2.81 last year)

Dr. Michael Cordonnier, the guru of South American crop production reported Thursday: "Parana is the second largest safrinha corn producing state in Brazil after Mato Grosso and farmers in the state have planted 77% of their safrinha corn compared to 94% last year. This represents an advance of 16% for the week. The ideal planting window for safrinha corn in Parana closed several weeks ago, but farmers continued to plant their corn because they had already purchased their inputs. In areas where the corn has not yet been planted, some farmers may opt to plant winter wheat instead because late planted safrinha corn cannot be covered under crop insurance. Safrinha corn planting is slow in Parana because the soybean harvest has been delayed due to wet weather. The soybeans in Parana are 60% harvested compared to 75% last year."

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