This year’s Prospective Plantings Report was a surprise for the corn market as intentions indicated a larger drop in acres than initially anticipated.
The USDA report showed when compared to last year’s numbers, planted corn acres this year are expected to be down 5 percent from 2023 while soybeans are up 3 percent. All wheat is forecasted to be down by 4 percent compared to last year.
Prior to the report, analysts and the markets were expecting 92 million acres of corn, 86.3 million acres of soybeans, and 47.7 million acres of wheat. However, USDA wants to point out the numbers in this year’s report are subject to change due to weather and economic factors, which could influence planted acres.
