Farm Futures released the results of a 2013 planting intentions survey. I visited with Arlan Suderman, Market Analyst, to learn what they found out.
U.S. farmers are unsure about whether to increase corn acreage next spring, despite high prices and sharply lower production caused by this year’s historic drought. Instead, Farm Futures magazine’s first survey of 2013 planting intentions shows growers would rather boost soybean and wheat seedings.
Results of the survey of some 1,800 growers were released Tuesday morning on the opening day of the Farm Progress Show held Aug. 28, 29 and 30 in Boone, Iowa.
Corn and Soybean Acres Shift
Farmers plan to put in 93.1 million acres of corn in the year ahead, down 4% from this year, when they planted the most corn ground in 75 years. Farm Futures’ survey found producers actually planted slightly more corn in 2012 than reported in June by USDA, though they abandoned more of that ground than the agency estimates due to the ravages of the drought.
Instead of increasing corn plantings, as most experts assume, farmers want to continue expanding soybean acreage in the year ahead. Growers said they want to seed 78.1 million soybean acres next spring, up 1.2% from this year’s total. Farm Futures also found higher soybean acreage this year, though greater abandonment, too.
“Ironically, this shift from corn to soybeans mirrors a similar shift taking place in South America as well, casting doubts on the world’s ability to rebuild tight global feed grain stocks without a significant shift in global weather patterns to boost yields in 2013,” notes Farm Futures Market Analyst Arlan Suderman.
You can listen to my interview with Arlan here: Interview with Arlan Suderman