FBN releases 2022 U.S. Acreage Report

IARN — 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)

To view the full 2022 US Acreage Report, click here.

For more on this story visit the Iowa Agribusiness Radio Network.

Photo courtesy of Farmers Business Network (FBN)