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Actual acres planted to corn rise while soybeans drop in 2022, USDA says

Farmers plant 400,000 more corn acres than initially planned and 2.6 million less soybean acres.

The USDA released its June Acreage report today at 11 a.m.

Here are the numbers: 

  • 2022 Corn Planted Acres: 89.9 million acres compared to the USDA March 31 report of 89.5 million acres and 93.3 million acres in 2021. This would be up 400,00 acres from the March report and down 3.4 million acres from last year.

  • 2022 Soybean Planted Acres: 88.3 million acres vs. the USDA March 31 report at 90.9 million acres and 87.2 million acres in 2021. This would be down 2.6 million acres from the March 31 report and up 1.2 million acres from last year.

  • 2022 Wheat Planted Acres: 47.1 million acres this compares to the USDA March 31 report at 47.351 million acres and 46.703 million acres in 2021. 

Note: Because excessive rainfall delayed planting at the time data was collected, some acres were still unplanted in Minnesota, North Dakota, and South Dakota. In July, NAAS will collect updated information, and, if necessary, will adjust acreage estimates in the Crop Production report released in August.

Initial thoughts after reviewing the survey numbers:

The numbers are neutral for corn and wheat and bullish short and long term for soybeans. The total corn and soybean acreage is just 178.2 million acres. It looks like my early projection of 3 million acres of prevent plant may be 2 million acres too low. 

The soybean market will be very weather sensitive, with 2.6 million acres less acres than the March 30 Prospective Planting report, this could create 134 million less soybean bushels than earlier estimates. 

This sets up a very interesting July 12 USDA Supply/Demand report.

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About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.

Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

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