The planting intentions report, always of interest to producers and analysts, has had broader appeal the last couple of years as the ethanol industry has grown. A year, ago, corn producers planted 93.6 million acres -- the most since 1944. Nebraska producers planted 9.4 million -- the most since the 1930s. That just shows what some positive economics can do to an industry that hadn't made any money in years!
The economics, although positive, have changed a bit. And could change more. Nebraska corn producers "intend" to plant some 8.8 million acres of corn this year, about 6 percent less than last year’s 9.4 million but still 9 percent more than in 2006. Nationally, corn producers will plant 86.0 million acres, down 8 percent from last year’s 93.6 million, but still the second largest plantings on record. I put quotes around intend because the report is based on a survey conducted in early March when soybean prices were higher. Things have changed some, and so could intentions. Could soybeans give up a million or two acres?
It all depends on the economics for each farmer. And the weather. Good spring weather tends to lead to more corn acres.
Want to see the full Planting Intentions report? Just click here.
If you look closely, you'll see that U.S. wheat acres are up for the second year in a row. And yet corn producers are accused of stealing acres from wheat. The numbers tell the truth.
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