Indiana Farm Bureau's Chief Economist Todd Davis has provided insights on the latest National Agricultural Statistics Service (NASS) Prospective Plantings report, released last week. According to Dr. Davis, there may be uncertainty regarding the planned corn planting increase in North Dakota, which is not a top corn-producing state.
The report indicates that 800,000 acres of the 3 million more acres of corn expected to be planted are in North Dakota. However, North Dakota often experiences significant corn prevented plantings, so the planned area increase may not materialize.
Dr. Davis also highlighted that higher input prices are expected this year, so farmers should keep an eye on budgets and take advantage of favorable pricing opportunities if and when they occur. Although more corn is predicted this year, the impact on price may not be as bearish as previously expected with lower prices and tighter profitability.
Indiana Farm Bureau, the state's largest general farm organization, has been protecting and enhancing the future of agriculture and communities for over 100 years. The organization works towards cultivating a thriving agricultural ecosystem to strengthen the viability of Indiana agriculture.
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