The USDA acreage report at the end of last month caused some losses in future corn prices. Iowa State Savings Bank ag banker Leslie Miller says the 97 million acres of corn planted were more than many people were predicting. December corn fell from $5.50 a bushel to under $5. Though the wet spring delayed planting for many producers, yield estimates have not been adjusted much.
Miller says that the lower December number could mean trouble in the future for producers. She explains that insurance protects producers at the level corn is at in February; if those lower crop prices continue next February, producers will have less protection throughout the rest of next year. Miller adds that the corn in the area looks to be in good shape as of now, though the wet spots have impacted parts of some fields.