US Corn Planted area likely to Decline – 02/04/2024

The soybean/corn price ratio prevailing since harvest suggests a significant decline in corn planted area this spring. In the  October 2023/January 2024 period soybeans averaged 273% of the price of corn  (farm level) compared to 215 % during the same period a year earlier. The economic disadvantage results in a  US corn area forecast of 90 million acres compared to the final estimate in 2023 of 95 million acres.

Last year the March survey had farmers planting 92 million acres, but corn area gained at  the expense of soybeans and the final corn area  estimate exceeded the March survey.  The March 2024 planting survey is scheduled for release March 28, 2024.