Farmers Business Network released its annual planting intentions report earlier this week ahead of the Friday release of the USDA prospective planting report. Kevin McNew the chief economist at FBN says the survey provides some surprising data.
McNew says that according to FBN?s report, farmers will plant more corn acreage and decrease soybean acres this year.
According to FBN?s report U.S. corn acreage is projected to increase 3.9 million acres to 92.5 million acres in 2023, a 4.45% increase over last year. This projection is higher than what the USDA forecast in its February Outlook, which expected 91 million acres of corn to be planted this year.
The report also shows U.S. soybean acreage is expected to be at 84.5 million for 2023, 3.4% or 3 million acres lower than last year. McNew explains the methodology of the survey.
A wet and cold spring planting season in the Dakotas and Minnesota hindered corn acreage numbers in 2022 says McNew.
The USDA Prospective Planting Survey results will be published in the Prospective Plantings and quarterly Grain Stocks reports to be released on Friday March 31, 2023. These and all NASS reports are available at https://www.nass.usda.gov/Publications/
