Farm Futures recently completed its first producer survey of planting intentions for 2017.
Farm Futures expects producers to boost soybean plantings because of strong demand and hedging opportunities on this year’s crop. Growers said they’re considering 84.4 million acres of soybeans for next year, which is one percent higher than this year’s plantings. Lower prices for corn may cause farmers to cut corn planting back next year to 93.1 million acres.That number is down one percent from this year.
Wheat seedings will likely drop for the fourth consecutive year thanks to low prices. Producers told Farm Futures they would plant 49.1 million acres next year, a 3.4 percent drop, and that total would be the lowest since 1970.
In addition to soybeans, the two other crops that could pull acres away from corn are cotton and sorghum. Plantings for both crops are expected to be around one percent higher next year.