The second highest possible planted acreage for corn since 1937, 97 million acres. That's what USDA prospective plantings report says producers intend to plant this season. But USDA chief economist Rob Johanson says the producers survey was done basically in late February, into mid March. Things may have changed for corn demand as covid 19 and other problems have cut down a lot on ethanol production.
Johannsen told us “just in general, gasoline demand is going to be down in 2020. There will be less interstate commerce, but also much less travel by Americans this year. That will diminish their demand for motor fuels. And so as with gasoline demand, so does ethanol demand decline. About 40 percent of the U.S. corn crop normally goes into ethanol. That, again, is in a so-called normal year.