Farm Futures planting intentions survey favors more corn
A 2020 planting intentions survey by Farm Futures shows US producers plan to ramp up corn production this year.
With 2019 prevent plant acres hopefully coming back into production, the survey reveals farmers intend to plant 96.4 million acres of corn, up 6.7 million from last year. If that number plays out, it would be the second highest planting on record behind the 97.3 million corn acres planted in 2012.
The survey results predict over 2 million more corn acres compared to USDA’s February forecast, but several new factors have come into play since then including the COVID-19 pandemic, increased economic uncertainty, historically cheap input prices and weakened soybean demand from China.
The USDA releases its annual planting intentions survey on Tuesday.