Knowledge Exchange

News

Cash Field Crop

USDA Prospective Plantings Report:

2020

2021 2022 %, 21-22

Total Principal Crops

(1,000 acre units)
New York 2,616 2,754 2,599 -5.7%

United States

310,407   317,161   317,375  +0.1%

Corn

   

New York

1,030     1,050  1,030 -1.9%

United States

90,652   93,357   89,490  -4.2%

Hay

   

New York

1,060 
 1,160   1,070  -7.8%

United States

52,238   50,736   50,332  -0.8%

Soybeans

   

New York

315 
 325   320  -1.6%

United States

83,354   87,195   90,955  +4.3%

  Source: USDA NASS

  • Prices for grains and oilseeds remain very high but still short of their 2012 peak, with May corn futures trading at $7.64/bu, and May soybean futures at $16.55/bu.1
  • USDA forecasts corn prices for the 2021/22 market year, at $5.80 (2020/21: $4.53). Soybean prices are forecast at $13.25 for 21/22 (2020/21: $10.80).
  • Corn usage for ethanol has fully recovered from its COVID-19 induced slump, with usage for 21/22 forecast at 5.38 billion bushels, 6.8% greater than the 2020/21 marketing year.2
  • Both export and domestic demand remains robust. Corn exports for the 2021/22 marketing year are projected at 2.50 billion bushels, slightly lower than last year. China has been a much more significant buyer of U.S. corn than in previous years and continues to be the leading destination for U.S. soybean exports.
  • There is a great deal of concern about input costs. This may be driving a shift to soybeans which need less fertilizer. While spring fertilizer is largely in-hand at this point, concerns remain about summer and fall availability.
     

1  CBOT Futures closing prices as of April 11,2022
2  USDA WASDE, April, 2022