Appearing at the American Farm Bureau Federation annual meeting in Atlanta this week almost cost USDA Outlook Board Chairman Gerald Bange a 28 year perfect record.
Gerald Bange has not missed a lockup prior to the release of a crop report since 1983, but it was a close call getting out of the snow-bound south in time after his crop outlook presentation at AFBF on Monday. “It’s amazing to see what five inches of snow and some ice will do in Atlanta,” he told USDA Radio. “It shuts that city down and when they shut that airport down, things get a little bit difficult.”
In his presentation at AFBF, Bange said that high commodity prices for corn, soybeans, wheat and cotton indicate higher crop acreage in 2011, as much as 10 more million more acres. “We won’t know until we get the planting intentions report. It won’t be until June until we know for sure,” Bange said.
High prices and very low stocks for corn should mean more corn acreage in 2011, but Bange said indicators right now are actually pointing to more soybean acres. “As farmers look to the future, they may be looking to soybeans,” Bange said. “That intrigues us a little bit because I think everybody is of the opinion that corn would be the favored crop as we move into 2011.”
One factor driving greater prospects for soybeans may be high fertilizer costs associated with corn production as well as greater weather risks for corn production, according to Bange.