Based on a survey of around 2,000 U.S. farmers, Farmers Business Network (FBN) predicts corn plantings will rise to 92.9 million acres from the 91.1 million prospective plantings estimate USDA issued March 31. A surge in corn futures prices during the spring helped lift corn planting intentions, Kevin McNew, FBN’s chief economist, told Bloomberg in an interview. While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%.
Consequently, FBN says its survey work signals soybean planted acreage is likely to fall from the 87.6 million USDA projected March 31 to 86.5 million acres. Our survey work this month also pointed to higher corn planted acres of 93.6 million, but also higher soybean plantings of 88.7 million acres.
Spring wheat acres will likely edge 200,000 higher versus March intentions to 11.9 million acres, FBN forecasts. Our survey work signaled producers likely planted 11.3 million acres to other spring wheat this year.
USDA will update its planted acreage forecast on June 30.