Farm Futures conducted its March survey and found farmers opting for more drought-consistent crops this spring as depleted soil moisture levels present a big challenge for farmers. Steep input costs are also a factor in acreage decisions this spring.
As a result, Farm Futures expects that 2023 planted corn acreage will drop one percent from last year to 87.7 million acres. If that corn number is realized, the projected 87.7 million acres would be the smallest-planted U.S. corn acreage since 86.4 million acres got planted in 2009. Survey results show farmers in the Plains have the highest chance of changing some corn acres in 2023.
Farm Futures’ soybean estimate of 89.6 million acres is a 2.5 percent increase from last year and would be the second-largest soybean crop on record. Farm Futures’ total wheat estimates are noticeably similar to acreages from a year ago but include 3.4 percent more winter wheat acres.