January 21, 2020

Ag Economy; Farm Bill; Budget; and, Immigration

Agricultural Economy: USDA Reports

A news release yesterday from USDA’s National Agricultural Statistics Service (NASS) stated that, “Determined to make up for a crop that was adversely affected by historic drought last year, U.S. farmers intend to plant a record-high combined 174.4 million acres of corn and soybeans in 2013, according to the Prospective Plantings report released today by [NASS]. If realized, corn will represent the highest planted acreage in the United States since 1936 (102 million planted acres) and for soybeans the fourth highest acreage on record.”

The NASS update added that, “Corn growers intend to plant 97.3 million acres in 2013, up for the fifth consecutive year, slightly higher than last year and 6 percent higher than in 2011. With expected returns for corn historically high going into 2013, producers throughout the south and the northern Great Plains intend to plant more corn.”

The release noted that, “Farmers in some areas of the country remain challenged by persistent drought conditions which is limiting the amount of expected soybean acreage in some states. Therefore, nationally 77.1 million acres of soybeans are expected to be planted, down slightly from last year but up 3 percent from 2011” [related graph].

Yesterday’s NASS report indicated that producer are expected to plant 10.0 million acres of cotton this year, down 19 percent from last year.