Farmers in the United States plan a major shift to soybeans and away from corn in 2014, according to the latest Farm Futures magazine survey of growers’ planting intentions for spring. Producers are ready to reduce corn seedings to 92.23 million, down 3.7 percent from the total USDA estimated in November, and 5.3 percent less than originally planned by growers in 2013 before cold, wet weather prevented many fields from being planted. Still, if achieved, the 92.23 million would be the fourth most put in since World War II.
Acreage taken away from corn could wind up in soybeans. Farmers indicated they want to put in 82.34 million acres of beans in 2014, up 7.6 million acres over 2013 and easily a record. Growers have been trying to get rotations back in line for several years, and changing market conditions could finally allow the transition to occur, the Farm Futures report noted.
Farm Futures first survey of growers last summer found the shift out of corn already underway, with initial corn intentions put at 94.11 million acres, with soybeans at 78.75 million acres. Market signals sent a clear message to farmers, says Farm Futures Senior Editor Bryce Knorr, who conducted the research–“plant soybeans.”
“When we first surveyed growers in late July and early August, the ratio of new crop soybeans to corn was trading around 2.36 to 1,” said Knorr. “During December, the ratio reached 2.58 to 1, providing a clear edge to soybeans, while projected corn profitability dropped to break-even levels.”
Adverse spring weather in 2013 also prevented farmers from seeding some spring wheat and durum fields. That ground should return to those crops, helping increase total wheat acreage to 57.64 million, up 2.6 percent. Winter wheat acres will be up less than 1 percent, to 43.3 million, according to the Farm Futures survey.
Farm Futures surveyed more than 1,600 farmers by email during December. Results of the spring planting intentions survey were released this week at the “Farm Futures” Business Summit.
