USDA says farmers intend to plant 97 million acres of corn in 2020. As COVID-19 acts as an anchor on the markets, and the ethanol crisis continues to unfold, some analysts say 97 million acres could be a stretch.
Farmers across the country are being asked to dump their milk, as food service demand crumbled rapidly due to COVID-19. Still, farmers are frustrated that consumers can't buy as much milk as they want right now.
With a large increase in corn acres, and declining ethanol demand, the U.S. could be swimming in supplies. That’s why one analyst thinks there's downside price risk with putting corn in the ground this year.