Spring Planting Outlook: USDA economist thinks farmers will favor soybean acreage over corn in 2024

While soybeans are currently coming out stronger than corn in terms of price ratios, USDA Chief Economist Seth Meyer recognizes a lot of factors could change farmer’s planting decisions between winter and spring.

As winter unfolds, producers across Rural America are already developing planting strategies for their crop choices in the upcoming year.

U.S. Dept. of Agriculture (USDA) Chief Economist Seth Meyer provided some of the department’s preliminary insights on spring planting, hinting at a potential battle for acreage during the impending season.

According to USDA data, corn growers expanded acreage by 6.3 million acres in 2023 to reach 94 million total acres, while soybeans saw a reduction in acreage to just under 4 million acres.

However, in the coming year, Meyer anticipates a reverse in this trend. He believes growers will shift to favor soybeans over corn, citing a strong soybean-to-corn price ratio.

He suggests a likely rebound in bean acres and a possible reduction in the exceptionally high level of corn acres. On the other hand, Meyer emphasizes the inherent unpredictability of factors that could influence planting decisions between the current period and the actual planting season.

Related Stories
A market analyst with DTN says the ethanol market for corn and the renewable diesel market for soybean oil are two much-needed sources of demand but the RFS program sets minimum volume requirements for those biofuels.
Explore Secret Garden Bees’ sweet story of growth and success in the world of honey production thanks to a vital grant from the N.C. Tobacco Trust Fund.
Total Farm Marketing’s Bryan Doherty expects to see some shifts in spring planting now that grain markets are in a lull driven by an excess in supply.

LATEST STORIES BY THIS AUTHOR:
USDA Meteorologists are raising alarms over low snowpacks in key Northwestern watersheds that may lead to water shortages and disrupt spring or summer planting.
As Texas cattle producers prod the possibility of expansion, USDA weather experts caution that recovery from long-term drought conditions will be a slow process.
What farmers need to know about the surge in land values driven by agricultural shifts and global demand for corn- and soy-based fuel.
The study’s findings have sent ripples of concern through communities reliant on the Colorado River for irrigation, highlighting the vulnerability of water resources in the face of climate variability.
Proposed revisions to the H-2A visa program, have stirred controversy among growers nationwide, including ag groups like the Northwest Horticultural Council.
Colorado conservation groups are upping the ante to protect the gray wolf, filing a lawsuit to re-list the species under the Endangered Species Act after the US Wildlife Service denied their initial petition.
USDA Chief Economist Seth Meyer Explains Expected Decline in Farmer Income for 2024
Bipartisan Effort Seeks to Sustain Conservation Efforts and Support Farmers through Renewal of Vital Programs
While the tentative agreement could offer permanent solutions beyond litigation, some expressed concern the five-year moratorium could further delay much-needed action.
Stakeholders are encouraged to submit comments by March 4, 2024, either online or by mail.
South Dakota legislators voted against a ban on weather modification experiments over sustainability concerns and hindrance on grain and ethanol production.
LSU AgCenter’s Craig Gautreaux ventures into the heart of northwest Louisiana to witness agriculture’s ongoing struggle with extreme drought conditions there.
Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join Host and Market Day Report Anchor Christina Loren as she interviews members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Farm Traveler is for people who want to connect with their food and those who grow it. Thanks to direct-to-consumer businesses, agritourism, and social media, it’s now easier than ever to learn how our food is made and support local farmers. Here on the Farm Traveler, we want to connect you with businesses offering direct-to-consumer products you can try at home, agritourism sites you can visit with your family, and exciting new technologies that are changing how your food is being grown.
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
Host Ben Bailey hops in the tractor cab, giving farmers 10 minutes to answer as many questions and grab as much cash as they can for their local FFA chapter.