SAN CARLOS, Calif. — Farmers Business Network (FBN®), the global AgTech platform and farmer-to-farmer network, has released its 2023 Planting Intentions Report giving a clear view of farmer’s plans as the season kicks off.
This annual survey is one of the first survey-based reports that is released in the industry. FBN’s report has proven to be one of the most accurate in the industry in recent years, often providing unexpected and precise insights prior to the USDA report, which is released later in the week. The FBN survey responses accounted for 4.7 million acres of principal crops across the U.S.
The report was released first to FBN members earlier this week.
“We’re proud to provide farmers with early insights at a key time of year as farmers make critical planting decisions for their operation,” said Kevin McNew, Chief Economist and VP of Research, FBN. “This report helps decipher how the complex global geopolitical factors, weather conditions, and market demand are shaping farmer decisions for the year ahead. Most notably, we’re expecting corn acreage to rebound after last year, while soybean acreage should dip lower than 2022 numbers.”
The report’s main takeaways include:
Increase in Corn Acreage: U.S. corn acreage is projected to increase 3.9 million acres to 92.5 million acres in 2023, a 4.45% increase over last year. A wet and cold spring planting season in the Dakotas and Minnesota last year hindered corn acreage in 2022, but that acreage is expected to rebound this year. Michigan, Colorado, New York, and Tennessee are expected to decrease corn acres this year. This projection is higher than what the USDA forecast in its February Outlook, which expected 91 million acres of corn to be planted this year. Due to these statistics, FBN economists have a slightly bearish view of the corn market.
Reduction in Soybean Acres: U.S. soybean acreage is expected to be at 84.5 million for 2023, 3.4% or 3 million acres lower than last year. FBN’s economists expect carryout to be below 200 MB as well as other considerable evidence to expect strong gains in new-crop soy prices; therefore they are bullish on soybeans for 2023.
Spring Wheat Holds Steady: U.S. farms are expected to plant 11 million acres of spring wheat in 2023, up only slightly from last year’s total. Montana and South Dakota should see a slight increase in spring wheat acreage. FBN economists have a neutral market view on spring wheat.
The report also provides insights and forecasts for crops including sorghum, cotton, durum, rice, barley, and oats. The guidance for sorghum was bearish, cotton was slightly bullish, and durum was slightly bearish.
For further details and actionable intelligence, farmers can download the 2023 FBN Plantings Report by becoming an FBN member at www.fbn.com.
Methodology: During March 2023, an electronic survey was distributed to U.S. FBN members. The survey collected the respondent’s zip code as well as planted acreage for key crops for the year 2022 and what they intend to plant in 2023. Survey responses accounted for over 4.7 million acres of principal crops across the U.S. S. Any survey data that were incomplete or inconsistent was omitted.
Farmers Business Network® (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 55,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings.
FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. The FBN network has grown to cover more than 117 million acres of member farms in the US and Canada. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has principal offices in San Carlos, CA, Chicago, IL, Sioux Falls, SD and a Canadian Headquarters in High River, Alberta with significant warehouse and logistics, remote and field employees across the US and Canada. To learn more, visit: www.fbn.com.
–Farmers Business Network® (FBN®)