Corn Vs. Soybeans?

This is the conversation we are having daily with farmers. One of our core values at Weller is to stay informed of market trends so we can support you as you make crop decisions.

This blog post from Farm Futures, The 2023 Acreage Battle Heats Up had some interesting insights on what to expect from the USDA March 31 Prospective Plantings Report coming out this week.

Here’s what you can expect:

  • Uncertainty continues in all markets in 2023.
  • USDA’s March 31 prospective plantings figures are always revised after spring crops are planted, so be sure to keep this in mind.
  • Soybean acres tend to have a little more consistency than their corn counterparts. In 14 of the last 23 years (61%), USDA’s final soybean acreage has been higher than the March 31 prospective acreage.
  • A perfect growing season will be necessary to restock domestic supplies and help ease the inflationary pressures that have been hurting the global economy the last few years.
  • The Farm Futures’ January 2023 email survey of 560 farmers from across the country found that growers are likely to plant 90.5 million acres of corn and 88.9 million acres of soybeans in the coming weeks. Those figures are 2.2% and 1.7%, respectively, higher than last year’s acreages for both crops.
  • Another cool and wet spring has the potential to throw off planting speeds and rotations. If Mississippi River levels remain low and cause input shipping delays, higher fertilizer prices could also impact acreage outlays. As a result, 2023 corn and soybean acres are likely to remain a moving target for the next few months, so brace for the accompanying market volatility.

Want to learn more?

Check out this quick Podcast FMH shared earlier this year –  2023 Crop Insurance Decisions Factors

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