U.S. farmers will plant enough land to corn and soybeans this spring to put record harvests within reach with normal weather and “trend-type” yields, said an S&P Global update. This was the second report to suggest that despite the USDA’s projection of a shift toward soybeans, many farmers will stick with corn.
Growers will trim corn plantings to 93 million acres, down 1.7% from last year, and expand soybean plantings to 85.5 million acres, up 2.3%, said S&P Global. Corn production would be 15.39 billion bushels, on par or slightly larger than the record harvest of 2023, and the soybean crop would be 4.48 billion bushels, 18 million bushels larger than the record set in 2021.
On Tuesday, Farm Futures magazine said its survey of farmers indicated corn plantings of 92.8 million acres this spring and soybean plantings of 85 million acres.
The USDA’s projections put corn plantings at 91 million acres this year and soybean plantings at 87 million acres, which would make a record soybean harvest possible. The corn crop, while smaller than 2023, would be the fourth to top 15 billion bushels.
EDITOR’S TAKE:
No matter what prediction you believe, farmers are expected to plant and, with Mother Nature’s cooperation, harvest record or near record corn and soybean crops. Obviously, what happens to crop prices will be determined by carryover inventory on a U.S. and global basis, geopolitical events, transportation and, of course, weather. As of today, prices are waiting for a clear signal from the marketplace concerning some of the issues just mentioned. That said, today’s farmers are pretty savvy when it comes to marketing. They will be on the lookout for forward pricing opportunities to ensure the highest margins possible. Most analysts, thus, expect farm income to remain above the rolling five-year average. What does that mean to you? Simply stated, continued truck sales to agricultural customers. Farmers/ranchers purchase or lease nearly a million vehicles, sometimes more, each year. That is further evidence we suggest placing them at the top of your customer prospect list.
