Farmers are predicted to plant 2 million acres more soybeans this compared to 2017, according to Allendale’s annual nationwide producer survey.
In 2017, U.S. farmers planted a record-high 90.142 million acres of soybeans. This year looks to be another record breaker, according to Allendale’s annual nationwide producer survey.
For 2018, Allendale expects 92.104 million acres of soybeans to be planted—around 2 million acres more than last year.
Allendale expects 88.514 million acres of corn to be planted, which would be the lowest level in three years. Wheat plantings are estimated at 46.889 million acres.
For 2018, USDA predicts corn and soybean acres will match—with 90 million acres dedicated to each crop. Wheat plantings are estimated at 46.5 million acres, per its late-February Ag Outlook Forum.
For production, Allendale expects 14.145 billion bu. of corn, 4.429 billion bu. of soybeans and 1.892 billion bu. of all wheat.
Due to the profit potential for soybeans versus corn and production considerations, Rich Nelson, Allendale chief strategist, says this record-breaking soybean estimate is reasonable.
“Most producers are holding onto a general rotation,” Nelson says. “Although we did have some producers say they are moving to all soybeans or three-fourths soybeans.”
Acres in North Dakota are important to watch this year, Nelson notes. Allendale predicts a sharp decline in corn acres in North Dakota, but not necessarily a big move into soybeans. Spring wheat may gobble up those formerly corn acres.
“Of all the states, the big question for the trade is what North Dakota will do?” Nelson says.
Regional Acreage Shifts
Per Allendale’s 2018 producer survey, the agricultural commodity brokerage and analysis firm, predicts the states in red to decline in acres and the states in green to increase acres for the respective crops.
Corn Acreage Changes
Soybean Acreage Changes
The Allendale survey also polled producers about old- and new-crop sales. For old-crop sales, Allendale estimates farmers have priced 65% of their corn production, 85% of their soybeans production and 86% of their wheat production. This shows a similar sales pace to 2017 for the three crops.
For new-crop sales, farmers have been more proactive in pricing wheat. The survey shows farmers have priced 20% of their new-crop wheat, while last year farmers had only marked 8.5% of their production. For corn, farmers have price 13% of their new-crop production this year, compared to 2.5% in 2017. New-crop soybean sales are on track with last year, with 28% of production priced.
Allendale’s survey polled farmers in 27 states and was conducted Feb. 26 – March 9.
Click here to listen to Rich Nelson discuss Allendale's 2018 acreage survey results.