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Prospective Plantings Report Shows Soybean, Not Corn, New King Crop

Green ripening soybean field, agricultural landscape

U.S. farmers expect fewer corn acres and a larger soy harvest, following the forecast released by the USDA’s National Agricultural Statistics Service 2022 Prospective Plantings report.

Traders and analysts expected the data to show “that farmers intended to plant 93.208 million acres of corn and 89.996 million acres of soybeans, according to the average of estimates gathered in a Reuters poll,” shared Reuters in an article.

Producers surveyed in the United States intend to plant 89.5 million acres of corn this year. This acreage is a staggering 4% decrease, or 3.87 million acres fewer, than 2021, stated the report.

“Just given the demand calculations we’re currently using, you’re going to have to have 170 bushels of corn this year to be able to keep carry out above a billion bushels if all we plant is 89.5. To say that this corn number was friendly today would be a gross understatement,” shared the Farm Division of JSA in a video with AgMarket

Soybean acreage is estimated to jump 4%, reaching a record 91.0 million acres, according to the report. The largest increase was in Illinois and Missouri.

Corn and Soybean Planted Acreage in the U.S. Source: USDA Prospective Plantings Report

Wheat planted area is predicted to increase 1% to 47.4 million acres, representing the fifth lowest all wheat since 1919, the forecast stated.

USDA is predicting all cotton acreage at 12.2 million acres, increasing by 9% from 2021 to 2022.

Read the full Prospective Plantings report here.

Read More About Previous Prospective Plantings Reports:

U.S. Farmers Expect to Plant More Corn and Soybean Acreage

Farmers Planting Fewer Corn Acres in 2018

Analysts Begin to Forecast Planting Intentions