Farmers considering more corn
Farmers are considering more corn and fewer soybeans in 2019, according to a recent Farm Futures producer survey.
Growers want to boost corn and cotton acres while cutting back on crops impacted by China’s import tariffs on soybeans and sorghum. Uncertain prices and planting delays could also force a reduction in most classes of wheat.
Farm Futures conducted the grower survey in December and early January after trade tensions between the U.S. and China eased as negotiations resumed to end the dispute. Hopes for an end to the situation convinced some farmers to plant more soybeans than many in the trade expected. Soybean planting intentions were at 84.6 million acres, down 5.5 percent from 2018 but more than the 82.5 million projected in November estimates.
The latest estimate for corn came in at 90.3 million while the Farm Futures initial report had farmers boosting corn acres to 90.8 million. While this would be up 1.3 percent from 2018 it was below the 92 million USDA projected in November. The agency won’t release its first survey of prospective plantings until March 29 though it will update the statistical guess at the annual outlook conference Feb. 21-22.