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
