It was a big week for corn plantings. According to data released today by USDA, as of May 11, a total of 59% of corn acreage has been planted, which surpassed the 5-year average of 58% for this date. It also more than doubled the acreage planted just a week earlier, which stood at 29%. Last year on May 11, only 26% of U.S. corn acreage was in the ground.
This week, the USDA documented what we all know is happening: one-third of farmers are now older than 65. While I don't possess hard data on dealer personnel, a scan of hair hues at a dealer meeting last week shows more of the same. No news here.
In January, USDA once again lowered its 2013-14 outlook for farm cash receipts. The ag agency is now expecting cash receipts to decline by 14% in the year ahead. This is down from a 13% drop USDA projected in December.
As of October 20, USDA reports that 94% of corn is mature vs. the 95% 5-year average and 100% at this time last year. Overall, only 39% of U.S. corn had been harvested compared to the 53% 5-year average and 85% in 2012.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at President Trump's tariff reduction on ag equipment, the latest dealer sales forecasts, and how high input costs are keeping farmer sentiment down.
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