Economists, traders and pundits are awaiting the results of USDA’s annual acreage report, due for release late Thursday morning. The report will detail the agency’s estimate of how many acres of each cash crop have been planted this season, or are yet to be planted. David Widmar of Agricultural Economic Insights says the report will show how America’s farmers have weathered the past four months of rising input costs and global uncertainty.
Widmar says the report usually provides more certainty for the markets when it comes to this fall’s harvest. Of course, several factors can still influence the final production total.
USDA will also release its quarterly grain stocks report Thursday.