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U.S. corn acreage could be dropping as planting wraps up

USDA’s recent crop progress report shows U.S. corn planting is nearing the finish line.

But University of Missouri ag economist Ben Brown says that doesn’t mean planted acreage has matched early season expectations.

“There are two ways that planting progress can go up,” he said. “It can actually be planting acres or it can actually be lowering the number of intended corn acres. So, as people decide ‘hey, I’m done planting for the year; I didn’t get everything planted but I’m done’, that can also increase that corn planting number.”

Brown said passing crop insurance deadlines for corn is pushing a shift toward more soybean acres. He tells Brownfield even if farmers still decided to plant corn…

“That still leaves us 1.2 million acres of corn in North Dakota and Minnesota still left to be planted,” he said.

Brown expects USDA to lower its expected corn acreage sometime this summer, but…

“The reason I’m, kind of, pausing here a little bit is do we see high prices rashion demand enough that it counters that drop in supply,” Brown said.

Brown said he expects strong corn exports and continued feed demand to support the corn market into next year.

“So, I think we’ll continue to see high corn prices,” he said. “Even with maybe some softer demand numbers well into 2023.”

He said soybean planting, especially in the plains, remains behind.

Brown made his comments on Brownfield’s recent Weekly Commodity Market Update.