An analysis of USDA data says corn will take over the top spot from soybeans in planted acres during the next growing season. The Hagstrom Report says it is a reaction to market conditions created by President Donald Trump’s tariffs on Chinese imports.
The data shows corn plantings will likely exceed soybeans by nine to 10 million acres between 2019 and 2023. The Agriculture Department released its agricultural baseline predictions over the weekend. The Food and Environment Reporting Network (FERN) analysis says corn plantings are at 92 to 93 million acres a year, while soybeans are at 82.5 and 84 million acres a year.
Veteran commodity analyst Chuck Abbott, a FERN editor, says corn will be the acreage king for years to come. Soybeans will spend time slowly trying to recover from the loss of sales to China. “Corn will continue to cruise along with strong demand and lean stockpiles,” Abbot says. “The first 15-billion bushel corn crop could be harvested by 2020, and will grow to 16 billion bushels by 2025.”
Abbot says soybean production may not approach this year’s levels until 2027, at the earliest.