Jun 23, 2021
A key mission of Farmers Business Network® is providing our members critical intelligence based on the collective actions of all farmers in the Network. The June Acreage report is one such deliverable that could help you make critical crop marketing decisions ahead of USDA’s Acreage Report on June 30th.
Data was collected from several key sources. First, an electronic survey was sent to FBN® farmers asking detailed questions about crop acreages planted in 2020 and 2021. This survey was conducted over the period June 7th - June 20, 2021.
In addition, data from member-contributed acreage reports via planter equipment applications were also used in this analysis. Missing survey responses or those that provided inconsistent data were removed from the results.
Responses were aggregated across 40 states, representing 4.2 million acres across nine principal crops. Year-on-year changes by state and crop were then computed as well as an overall change in key crop acreage for the U.S..
Based on the collected data, the report below presents FBN’s forecasts for U.S. planted acreage for key crops as well as USDA’s initial estimates from their March Planting Intentions report issued on March 31.
Some key callouts from FBN's Chief Economist, Kevin McNew, from the report include:
Corn acres are projected to grow to 92.9 MA versus USDA at 91.1 MA in March. This is likely to be at the low end of what the trade is expecting. Although no formal poll has been done yet by Bloomberg or Reuters at the time this blog was written, Kevin suspects the trade is somewhere around 93 to 94 MA, with one key analyst, IHS Markit/Informa, at 96.5 MA.
Soy acres at 86.5 MA is off 1.1 MA from an already tight 87.6 MA number printed by USDA in March. Here, we could be in for a surprise as Kevin believes most will expect bean acres to hold about the same or slightly lower than March.
For more insights like these, sign up for FBN® Market Advisory.
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Jun 23, 2021