Harvest is just getting started for the 2023 crop, but many farmers are already thinking about next planting season.
A grain market analyst with Farm Futures says she does not expect the spring acreage battle between corn and soybeans to be as intense next year. She says with a risk of phosphate and potassium prices remaining high, it limits the outside market incentives that would pull acres one way or the other.
“Our farmers indicated that maybe it’s not going to be quite as contentious of a battle as we’ve tried to forecast in previous years. Our farmers indicated they were looking to plant 93.1 million acres of corn and 85.4 million acres of soybeans. For those of you keeping track with USDA’s latest acreage estimate, that’s about a one percent decrease from 2023 corn acres but a two percent increase from the soybean acreage that was planted this year,” said Jacqueline Holland.
Holland also says she expects a 5 percent increase in winter wheat planted this fall and an 8 percent in 2024 spring wheat acreage.
