IARN — The Farmers Business Network has released its annual Spring Planting Report ahead of USDA’s March 31 agency report.
FBN Chief Economist Kevin McNew discussed the highlights of their report in an interview with the Iowa Agribusiness Radio Network on Tuesday morning.
“For Iowa farmers, I’m sure they are most concerned about corn and beans. Most of the market is concerned about that. What we saw was corn numbers going down a little more than what the overall trade thinks they are going to go down, and then bean numbers a little higher. Corn in particular we came in at a U.S. number that is 91.1. That is below the trade expectations of 92 and would be off from last year’s read of 93.4. On beans, a little higher than the trade. We came in at 89.2. The trade is generally at 88.9.”
“The reason we are different I would say is because of some of the alternative crops that other farmers around the country, everything is so strong in terms of prices. Also, you have fertilizer values that are influencing decisions. Some of the nuances are really important in spring wheat country and cotton country.”
McNew says this data is useful for growers across the country as they continue to make big decisions with their marketing plans.
“We are very fortunate that our farmers share that (acreage) data with us through surveys and polling. We get a lot of that data coming in throughout the season. We turn it back to them in terms of informed decisions. Our producers that shared that data got it first thing Monday morning, well ahead of anyone else. We hope this is helping them in these uncertain times make important marketing decisions.”
Learn more by visiting fbn.com. McNew’s full video interview with IARN can be viewed below.
Story and video courtesy of the Iowa Agribusiness Radio Network.
Photo courtesy of Farmers Business Network (FBN)
