USDA’s Planted Acreage Estimates Report released on Friday has been characterized as a “shocker”, bringing even more volatility to the grain markets. Todd Davis, Indiana Farm Bureau Chief Economist, breaks down some of the numbers from that report.
“Planted corn acres in Indiana are up 5% from 2022 and soybean acres are down 6%,” said Dr. Davis. “Most soybean producing states decreased in planted acres this year, but demand has been strong. Reducing the planted area will make soybean stocks even smaller.”
According to Dr. Davis, 70% of planted corn acres and 63% of planted soybean acres in the country are currently experiencing drought conditions.
“A major factor to keep in mind as we consider the number of planted acres is the effect this current drought will have when it comes time for harvest,” added Dr. Davis. “The weather will really impact yield in the next few weeks, but we’re starting to get a slightly clearer focus on 2023 production.”
Read Dr. Davis’s full insights here.
The acreage report is released annually and presents acreage by planted or harvested areas by state. The estimates of planted and harvested acreages are based primarily on surveys conducted during the first two weeks of June.
Source: Indiana Farm Bureau
