Gain insight with an outlook on American farmers’ planting plans for the year.
Jun 27, 2022
Providing critical intelligence based on the collective actions of our farmer members is a key mission of Farmers Business Network®. That’s why we’re excited to share our annual June Acreage Report as a deliverable to help you make critical crop marketing decisions ahead of USDA’s Acreage Report on June 30th.
Despite some weather-related planting delays in the Northern Plains, we found that increased acreage in Minnesota, Wisconsin and Ohio likely helped push the corn acreage number above the USDA's March reading of 90.4 million acres, up from USDA’s March estimate of 89.5.
Soybean acres are pegged at 89.0 million acres, off from USDA’s March forecast of 91.0 million, also pegged to weather in the Dakotas.
“The USDA report usually drives volatility that's three to four times greater than a typical trading day," said Kevin McNew, Chief Economist at FBN®.
"With the weather challenges across the country and an uncertain economic climate, our Acreage Report aims to provide our farmer members with the most comprehensive data and intelligence ahead of this report so they can make the best decisions for their operations," said McNew.
Grain markets continue to be on edge as we reach the midpoint of the US growing season. In March, USDA’s Prospective Plantings report suggested farmers intended to plant less corn and more soybeans than in 2021, with forecasted US corn acres at 89.5 million acres and soybeans at 91.0 million acres. They will release their latest acreage estimates on July 1 based on their farmer survey conducted in early June.
We asked members what their actual planted acres were across 9 key crops. Here are some of the key findings from the survey.
Corn acres are expected to climb to 90.4 million acres, up from USDA’s March estimate of 89.5. While corn acres were down by 500,000 in North Dakota and South Dakota versus the March estimate due to poor planting weather, other states were either mostly unchanged to higher.
Key states increasing corn acres versus March were Minnesota (up 400,000), Indiana (up 200,000), Ohio (up 200,000), and Wisconsin (up 200,000).
Soybean acres are pegged at 89.0 million acres, off from USDA’s March forecast of 91.0 million. Again, weather caused North and South Dakota farmers to plant less soybeans by 500,000 acres versus March’s forecast, but other states also pulled back on soy plantings as some switched more into corn, cotton and spring wheat.
Many farmers have faced challenges this spring as unusually cold and wet weather handicapped planting progress in the Upper Midwest and Northern Plains. Meanwhile, in the Southwest Plains, persistent drought took its toll on winter wheat yield potential, and likely influenced some spring planting decisions as farmers sized up the risks of the drought extending into the summer.
If you'd like to read the full report, get your free copy today.
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Jun 27, 2022