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Best of NAMA 2024












FARM FUTURES SURVEY FORECASTS REDUCED CORN, MORE SOYBEAN, SAME WHEAT ACRES


by Jacqueline Holland, Farm Futures magazine

At a Glance

*Corn acreage to decrease 1.1% YOY to 87.7 million acres due to high input costs, drought on the Plains.

*Soybeans to see 2.5% increase to 89.6 million acres with a record-setting soybean harvest expected.

*Total wheat acres projected at 45.7 million acres (+0.01% YOY) as poor winter wheat crops could be disced and replanted.

*Drought and input costs are the driving forces for producers in the Plains this spring and those factors are likely to shake up acreage estimates beyond the Farm Futures' projections published earlier this year.

The Farm Futures March 2023 Survey, conducted March 4-14 via email, found that farmers are opting for more drought-resistant crops this spring as depleted soil moisture levels present a substantial challenge for farmers in the upcoming 2023 growing season. Steep input costs are also playing a factor in acreage decisions this spring. As a result, Farm Futures expects that 2023 corn planted acreage will drop 1% from last year to 87.7 million acres.

Our survey, which featured responses from 801 growers across the continental U.S., finds that soybean acres will rise 2.5% from last year to 89.6 million acres. Sorghum will also see a substantial acreage boost this year on the Plains, with Farm Futures forecasting a 35% annual acreage increase to 8.5 million acres.

While soft red winter wheat acres saw some expansion in Illinois last fall, Farm Futures is projecting USDA's winter wheat acreage in the March 31 Prospective Plantings report next week will only reach 34.4 million acres, up over 3% from last year but down notably from the 37.0 million acres forecasted by USDA in January 2023. Spring wheat and durum sowings are expected to be over 1 million acres lower, in total, compared to last year.

To read the entire report click here.


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