In the latest projections, IHS Markit expects U.S. farmers to plant more beans and less corn, wheat and cotton acres than its January forecast. Based on an early March survey, the firm estimates farmers will plant 91.4 million acres of corn, 70,000 acres lower than its January forecast and 1.9 million less than last year. Projected soybean acreage was increased 775,000 acres from the January forecast and 1.4 million acres from last year to 88.6 million acres. All wheat acres are estimated at 47.5 million acres, 690,000 acres lower than the January prediction but 764,000 acres more than 2021. The firm expects all cotton acres to be 11.7 million, down 95,000 acres from January but a 520,000-acre increase from last year. The firm expects farmers to plant more acres to oats, barley and sunflowers than in 2021. Grain sorghum and rice acres are predicted to be less than last year.
IHS Markit is projecting total crop acres to be up slightly and combined corn and soybean acres to total 180.0 million acres, close to the Pro Farmer/Doane survey of 179.7 million acres. Some traders expect 2022 corn and soybean acres to be more than the 180.6 million acres planted last year. The firm noted that with higher commodity prices, planted acres might increase.
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