From staff and NAFB reports
Farmers Business Network Wednesday released its 2023 Planting Intentions Report.
The survey, according to FBN, is one of the most accurate in recent years, released ahead of USDA’s Prospective Plantings report Friday.
The report found U.S. corn acreage is projected to increase 3.9 million acres to 92.5 million acres in 2023, a 4.45 percent. Meanwhile, U.S. soybean acreage is expected to be at 84.5 million for 2023, 3.4 percent or three million acres lower than last year.
U.S. farms are expected to plant 11 million acres of spring wheat in 2023, up only slightly from last year’s total.
“This report helps decipher how the complex global geopolitical factors, weather conditions, and market demand are shaping farmer decisions for the year ahead,” FBN Chief Economist Kevin McNew said.
During March 2023, an electronic survey was distributed to U.S. FBN members. The FBN survey responses accounted for 4.7 million acres of principal crops across the United States.
Watch McNew discuss the Planting Intentions Report on Rural Strong Live with Brent Adams here.