USDA to report acreage; analysts warn of $10 corn and possible supply crisis
SAN FRANCISCO (MarketWatch) -- Recent Midwest flooding may have damaged millions of acres of corn crops, analysts expect the U.S. Department of Agriculture to say in its crop acreage report slated for release Monday.
The loss of acreage could slash U.S. corn production and push the 2009 season's year-end stocks to the lowest level since just after World War II, analysts said. And the real damage is likely to be even worse than what Monday's 8:30 a.m. EDT report will show, as it's still too early to evaluate the full impact of the flooding.
"The report is already obsolete," said Elaine Kub, a grains analyst at commodities-information provider DTN. Many acres could be abandoned at a later date and the acreage situation will be worse than the report sounds, she said.
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