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Ag Economy

Cash Field Crop

USDA NASS Area Planted:

Area

2019

2020

2021

%, 20-21

Total Principal Crops

1,000 acres

 

 

 

New York

2,591

2,636

2,721

+3.2%

United States

303,073

310,114

317,215

+2.3%

Corn

 

 

 

 

New York

1,020

1,050

1,050

+0.0%

United States

89,745

90,819

92,692

+2.1%

Hay

 

 

 

 

New York

1,180

1,060

1,130

+6.6%

United States

52,425

52,238

51,537

-1.4%

Soybeans

 

 

 

 

New York

235

315

330

+4.8%

United States

76,100

83,084

87,555

+5.4%

 Source: USDA NASS Acreage Report

  • Prices for grains and oilseeds remain high, with September corn futures trading at $6.02/bu, and September soybean futures at $14.06/bu.
  • USDA forecasts corn prices for the 2020/21 market year, at $4.35, and $5.70 for the 21/22 year (2019/20: $3.56). Soybean prices are forecast at $11.25 for 20/21 and $13.85 for 21/22 (2019/20: $8.57).
  • Corn usage for ethanol has recovered from its 2020 COVID-19 induced slump, with usage for 21/22 forecast at 5.2 billion bushels, 7% greater than the 2019/20 marketing year.
  • Both export and domestic demand remains robust. Corn exports for the 2020/21 marketing year are projected at 2.85 billion bushels, a record, if realized. China has been a much more significant buyer of U.S. corn than in previous years. For soybeans, both high domestic crush volumes and strong exports are supporting higher prices. Soybean meal prices are significantly higher than last year. China continues to be the leading destination for U.S. soybean exports.
  • In Western NY, crops look good so far, although there is some drought concern.