No Big Soybean Boom Yet: Farm Futures Planting Survey is showing a shift this spring
The Farm Futures Planting Survey is out and it shows a shift is coming this spring.
According to Jacqueline Holland, a grains market analyst with the company, “For corn acres, our survey respondents indicated that they will be planting 92.8 million acres of corn this spring. That is down about 1.8 million acres from what was planted almost a year ago.”
She goes on to state, “Soybean acreage will be up by about 1.4 million acres to 85.0 million acres. I think a lot of farmers are looking at prices right now, looking at these relatively strong soybean prices, and thinking that the market is trying to buy more and more soybean acres. This kind of one-to-one corn-to-soybean acreage shift tells us that that’s not what’s happening this year. There’s a smaller shift. It’s pretty much a one-to-one shift, and it’s maybe not going to be the big soybean boom quite yet that I think the markets are calling for.”
The survey also shows total wheat acres will be down 1.6 million acres from last year.