The June 30 USDA reports provided a bullish surprise for soybeans with acreage down 4 million from the March Prospective Plantings report as well as 2022. In contrast, corn acreage was bearish coming in more than 2 million higher than March and 5 million acres more than last year. Where did the acreage shifts occur?
USDA data indicates farmers across most of the U.S. planted more corn at the expense of soybeans, with big percentage gains coming in the South. However, the biggest total acreage gains were in the north and the I-states verses a year ago. Illinois planted 700,000 more corn acres and 800,000 fewer soybeans, Iowa shifted nearly 500,000 acres from corn to soybeans and North Dakota planted 950,000 more acres of corn.
In regard to corn acres, John Heinberg, Total Farm Marketing, says: “North Dakota looks like they’re about a million acres more than last year at this timeframe. We picked up 500,000 acres each in Minnesota as well as South Dakota. There’s still some bean acres that are unplanted out there yet, so we’ll see how that shakes out. At least at this timeframe, it feels like the northern tier picked up the bulk of those acres, but we saw gains as well from the I-states with acres being gained in both Iowa and Illinois for corn planting this year.”
Compared with the March Prospective Plantings report:
- Corn acres were up 500,000 in Illinois, while soybean acres dropped 800,000.
- In Iowa, corn acres were up 300,000, with soybeans down 400,000.
- Missouri was down 400,000 soybean acres.
- North Dakota was down 900,000 soybean acres.
Heinberg says the open weather for planting pushed more corn in the central and eastern Corn Belt. In the north, when the weather finally broke, farmers barreled through on corn.
All wheat acres were down around 300,000 from the March intentions. Winter wheat acreage was down around 500,000 from March likely due to abandonment, but it was offset by higher other spring wheat acres at 11.1 million.
