How Did FBN® Planting Intentions Analysis Compare to USDA?

Rebecca Willison

Mar 29, 2024

Yesterday, the USDA released the 2024 Prospective Plantings report with key findings that U.S. farmers will plant less corn and more soybeans this year.

For the past four years, FBN has been surveying members throughout the month of March to estimate acreage for key crops prior to the USDA report. This year, members who contributed data to the survey received the report on Wednesday, with public release on the same day as the USDA report.

Click here to access the free FBN 2024 Planting Intentions Report.

Reuters released a summary of analysts’ estimates prior to the USDA report, with the average trade estimate at 91.8 million acres for corn and 86.53 million acres for soybeans. USDA’s estimates released yesterday were 90 and 86.5 million acres for corn and soybeans, respectively. Both estimates were down one million acres from the Ag Outlook Forum in February. 

2024 FBN Acreage Projection Closer to USDA vs. Trade (click image to enlarge)

Most analysts were bearish on corn, while FBN projected a lower and more accurate prediction. The analyst average was right on the mark for USDA’s soybean projection, and FBN was just slightly higher. (Click the image to enlarge.) Click here to access the report.

FBN’s performance here shows the power of the network of FBN farmers. Thank you to everyone who participated in the survey!

Access More FBN Exclusive Resources

Unlock a diverse range of free educational guides and reports, including a guide to the differences between branded vs. generic ag chem, a webinar examining the 2024 outlook of the ag chem market, and a report delving into the potential impacts of El Niño and La Niña on the upcoming growing season, by clicking here.

Additional free guides and downloadable financial templates related to farmland purchases, ag equipment maintenance, and business-focused or personal financial tracking can be found here.

Copyright © 2014-2024 Farmer's Business Network, Inc. All rights Reserved. "Farmers Business Network," "FBN," and "Farmers First" are registered trademarks of Farmer's Business Network, Inc. All other trademarks are the property of their respective owners.

FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory - NFA ID: 0508695

Disclaimer: The material provided is for information purposes only. It is not intended to be a substitute for specific risk management, consulting or any other professional advice. The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification. Neither Farmer’s Business Network nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed. The information and opinions expressed by others in this material are their own and are not endorsed or approved by FBN or its affiliates.

Commodity trading, including futures, hedging and speculating, involves substantial risk of loss and may not be suitable for everyone. Past performance is not necessarily indicative of future results. All information, publications, and reports, including this specific material, used and distributed by FBN BR LLC shall be construed as a solicitation. The information and data provided comes from sources believed to be reliable but FBN BR LLC does not guarantee its accuracy or completeness.

Rebecca Willison

Mar 29, 2024

You Need It. We Got It.
Shop online & get crop protection delivered direct.
Equipment Financing
Pay for the equipment you need, when you need it.