Ahead of USDA’s June 30 Report, FBN Finds Corn Acreage Expected to Exceed USDA’s March Estimate With Some Reduction in Soybeans
SAN CARLOS, Calif. & CHICAGO, June 27, 2022--(BUSINESS WIRE)--FBN®, the global farmer-to-farmer network and AgTech platform, today announced that its 2022 US Acreage Report found that despite some weather-related planting delays in the Northern Plains, increased acreage in Minnesota, Wisconsin, and Ohio likely helped push the corn acreage number to an estimated 90.4 million acres, up from USDA’s March estimate of 89.5. Soybean acres are pegged at 89.0 million acres, off from USDA’s March forecast of 91.0 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, Chief Economist at Farmers Business Network®. "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 US growing season. In March, USDA’s Prospective Plantings report suggested farmers intended to plant less corn and more soybeans than in 2021, with forecasted US corn acres at 89.5 million acres and soybeans at 91.0 million acres. They will release their latest acreage estimates on June 30 based on their farmer survey conducted in early June.
Farmers Business Network conducted its US June Acreage Survey asking members what their actual planted acres were across 9 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. Below are FBN’s forecasts for key crops.
US Planted Acreage Forecasts (Million Acres)
2022 FBN Estimate
Non-Durum Spring Wheat
Methodology: During June, an electronic survey was distributed to US FBN members. The survey collected the respondent’s zip code as well as planted acreage for key crops for the year 2021 and 2022. Survey responses accounted for over 4.2 million acres covering 9 principal crops across 40 states. Any survey data that were incomplete or inconsistent were removed.
Many farmers have faced challenges this spring as unusually cold and wet weather handicapped planting progress in the Upper Midwest and Northern Plains. Meanwhile, in the Southwest Plains, persistent drought took its toll on winter wheat yield potential, and likely influenced some spring planting decisions as farmers sized up the risks of the drought extending into the summer.
Farmers Business Network® (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 43,000 members to the network with a common goal of helping farmers maximize their farms' profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings. FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. The FBN® network has grown to cover more than 98 million acres of member farms in the U.S., Canada, and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 900 personnel and principal offices in San Carlos, Calif., Chicago, Ill., Sioux Falls, S.D., a Canadian Headquarters in High River, Alberta, and an Australian Headquarters in Perth with significant warehouse and logistics, remote and field employees across the U.S., Canada and Australia.
To learn more, visit: www.fbn.com
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