New estimates out Tuesday expect to see more soybeans planted in 2024 and less corn, but not by as much as many would expect.
According to the latest Farm Futures January 2024 grower survey, U.S. farmers are expected to plant 92.8 million acres of corn and 85.0 million acres of soybeans in 2024. That corn number would be down about 1.8 million acres from 2023 while the soybean number would be up 1.4 million acres and the fifth largest crop ever planted if realized.
The survey, conducted by email from December 18th, 2023 through January 2nd, 2024, gathered acreage intentions from 825 respondents across the country. Farm Futures found that many of the usual rotations are expected to remain consistent in 2024 while acreage could shift in some areas outside of the main Corn Belt.
Farm Futures also found a slightly higher 2024 winter wheat estimate at 37.3 million acres while their spring wheat estimate was 9.1 million acres, down 19% year over year.
You can read the full report from Farm Futures on their website here: https://www.farmprogress.com/planting/2024-acreage-battle-a-game-of-marginal-shifts