By Andi Anderson
Todd Davis, Chief Economist at Indiana Farm Bureau (INFB), is shedding light on the recent release of the National Agricultural Statistics Service (NASS) report, focusing on prospective planting figures.
Davis notes that Indiana and U.S. farmers are planning to sow fewer acres of corn and more acres of soybeans this year compared to 2023. Specifically, Indiana farmers are expected to reduce corn planting by 6.4% while increasing soybean planting by 4.5% in the upcoming 2024 season.
“These reports aim to manage expectations, and market reactions are driven by surprises,” explained Davis. “The main surprise this time was the larger-than-expected decrease in corn acres, surpassing projections by 2 million acres. However, it's important to remember that these numbers reflect early March intentions, and actual planting has yet to begin.”
Davis emphasized that the accuracy of these predictions will become clearer with the release of the U.S. Department of Agriculture’s (USDA) acreage report in June.
For more detailed insights from Davis on the Prospective Plantings Report, refer to the full analysis available here.
To delve into the report process and access data, visit the USDA’s publications page.
Indiana Farm Bureau (INFB) has been instrumental in safeguarding and advancing the future of agriculture and local communities. As Indiana’s largest general farm organization, INFB is dedicated to nurturing a thriving agricultural landscape to bolster the sustainability of Indiana agriculture.
Photo Credit: Indiana Farm Bureau
Categories: Indiana, Crops, Corn, Soybeans