FBN predicts more corn acres, fewer soybean acres for 2022
FBN (Farmers Business Network) predicts in its 2022 U.S. Acreage Report that despite weather-related planting delays in the Northern Plains, increased corn acres in Minnesota, Wisconsin, and Ohio likely helped push the corn acreage number to an estimated 90.4 million acres.
That's up from USDA's March 31 Prospective Plantings report of 89.49 million corn acres. FBN's 2022 report pegs soybean acres 89.0 million acres, off from USDA’s March forecast of 91.955 million, also pegged to weather in the Dakotas.
"The USDA report usually drives volatility that's three to four times greater than a typical trading day," said Kevin McNew, FBN chief economist, in a news release. "With the weather challenges across the country and an uncertain economic climate, our Acreage Report aims to provide our farmer members with the most comprehensive data and intelligence ahead of this report so they can make the best decisions for their operations."
Grain markets continue to be on edge as we reach the midpoint of the U.S. growing season, say FBN officials. USDA will release its latest acreage estimates on June 30 based on its farmer survey conducted in early June.
FBN conducted its U.S. June acreage survey asking members what their actual planted acres were across nine key crops. The data used in the survey are exclusive and confidential, and the analysis and results were made possible by farmers in the FBN network.