Ahead of the U.S. Dept. of Agriculture’s (USDA) Prospective Plantings report, AgMarket.Net® has released its official acreage estimates, shedding light on expectations for key crops.
The estimates indicate projections for corn, soybeans, and wheat acreage, with figures standing at 91.5 million acres, 86.1 million acres, and 46.2 million acres, respectively.
Notably, there’s anticipation for a narrowing of the acreage gap between corn and soybeans compared to the previous year. This trend is attributed to favorable fall conditions for corn planting and input applications.
Despite recent economic shifts favoring soybeans, including factors like cash prices and crush margins, a significant increase in soybean acres is expected.
Conversely, wheat acreage is forecasted to decrease, influenced by pricing dynamics and USDA’s projections for winter wheat acres.
The estimates were derived through a comprehensive approach, incorporating insights from consulting and brokerage customers, direct farmer engagements, and industry contacts across various sectors.
