Cash Field Crop
2020 Planting intentions as of March 31 indicate that farmers plan to plant 97.0 million acres of corn, an increase of 8% over 2019. Soybean planted area is estimated at 83.5 million acres, 10% more than last year. Wheat is estimated at 44.7 million acres, 1% fewer than last year. Note that planted acreage in 2019 was lower due to spring weather and prevented planting.
- For 2019, corn planted area came in at 89.9 million acres, a 1% increase over 2018. With the below-trend yield, total 2019 production is estimated at 13,661 million bushels, 5% below 2018.
- N.Y. acreage planted in principal crops (corn, sorghum, oats, barley, rye, wheat, rice, soybeans, sunflower, dry beans, chickpeas, potatoes, sugar beets, canola, and millet) is forecast at 2.9 million acres, an increase of 12% over 2019. In the Farm Credit East region, Connecticut and New Jersey estimated increases in principal crop acreage; Maine, Massachusetts, and New Hampshire estimated decreases, and Rhode Island acreage is projected to be flat.1
- Projected corn disappearance is reduced due to lower ethanol consumption, as gasoline consumption declines. The season-average price of corn received by farmers has been lowered $0.20 per bushel from last month to $3.60.2
- Strengthening demand for soybean meal, as well as a decline in soybean prices has increased the U.S. market for soybean crushing. Exports are forecast slightly lower for 2020. The overall U.S. season-average farm price forecast has been lowered 5 cents to $8.65 per bushel.3
- The resolution of several trade disputes should be supportive of increased U.S. exports and farm gate prices, but the disruptions surrounding coronavirus have limited expectations.
1 USDA NASS Projected Plantings March 2020.
2 USDA ERS Feed Outlook April 2020.
3 USDA ERS Oil Crops Outlook April 2020.
