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Market Insight: Economist Estimates Fewer Corn Acres; More Soybean Acres

07/18/2024

Economists are weighing in on what to expect from the next USDA acreage report. Farm Journal asked more than “nearly 70 ag agronomists” from across the country where they thought acreage would be compared with earlier estimates and here’s a tally of the “guesstimates”:  

  • 60% of economists think corn acreage will fall in the 90 to 91 million acres range.
  • That compares to the 91 million acres USDA found when they surveyed growers about planting intentions back in March.
  • 20% think it’ll be even lower, in the 89 to 90 million acres range.
  • 20% also think it could come in higher, at 91 to 92 million acres.
  • Soybean acreage was slightly higher, with 60% of ag economists saying 87 to 88 million acres.
  • That compares to the 86.5 million in March.
Screenshot 2024 06 26 at 11.07.03 AM
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