Producers across the United States plan to cut their acres devoted to corn by 5% compared to last year, according to the USDA Prospective Plantings report released Thursday. Wheat producers are also looking to cut and expect to reduce planted acres by 4%.
BACKGROUND: The USDA makes its projections based on surveys during the first two weeks of March after reaching out to 72,000 farm operators.
Soybean and cotton growers have different plans. They both look to expand. Producers plan 3% more acres of soybeans and 4% more wheat.
Planting decisions for these four commodities follow declining prices compared to their highest points in 2022.
Corn prices have fallen about $3 per bushel since their mid-2022 high and are approximately where they were in early 2021.
Wheat prices have fallen more than $4 per bushel since their early 2022 high and now stand where they were in mid-2021.
Soybeans have lost nearly half their value and declined by about $4 per bushel from their mid-2022 high and average where they were in early 2021.
Cotton prices are off more than 20% from their early 2022 peak and now match their early 2021 levels.
