Farmers are gearing up for the 2023 harvest season with an eye already on next year’s crop. A Farm Futures August survey finds growers are expecting to plant 93.1 million acres of corn in 2024, down one percent from this year’s total acreage. Shrinking revenue prospects amid relatively high costs will likely tighten profit margins for the 2024 crop, giving alternative crops more opportunity for acreage next spring.
Soybeans are one crop that farmers expect to plant more of next year. Farmers in the survey expect a two percent increase in soybean acres next spring at a total of 85.4 million acres. Wheat acres are also expected to expand.
Winter wheat acres are forecast to be five percent higher at 38.7 million acres, and spring wheat acres will rise eight percent to 52.7 million acres. If those predictions prove true, this would be the largest wheat acreage planted since 2015.