Apr 04, 2022
Reaction to 2022 U.S. Prospective Planting Report
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Last week, the USDA released their 2022 U.S. Prospective Planting Report in which they estimated the 2022 U.S. corn acreage at 89.5 million acres which was down 3.87 million acres from the 93.3 million planted 2021. For soybeans, they estimated the 2022 U.S. acreage at 91.0 million acres which was up 3.76 million acres from the 87.1 million planted in 2021.
These acreage estimates could change by the time the planting is complete because farmer sentiments in early March probably did not completely reflect the market reality caused by the war between Russia and Ukraine. Since the report was issued, the price ratio between corn and soybeans is now strongly in favor of soybeans. Therefore, it is possible that U.S. farmers may plant 1-2 million more acres of corn than what was indicated in the Prospective Planting Report.
The final acreage could also be impacted by the weather as well. Generally, a warm and dry spring favors additional corn acres and a cold and wet spring favors additional soybean acres.
The early 2022 U.S. corn yields are estimated at 178-179 bushels per acre, which is a little lower than the 181 bushels per acre estimated in the February Outlook Meeting. For soybeans, the early 2022 U.S. yield is estimated at 51.5 bushels per acre, which is similar to the February Outlook Meeting. Approximately 93% of the planted corn is usually harvested for grain and 99% of the planted soybeans are harvested for grain.