More Corn and Soybeans, Less Cotton and Wheat

ARLINGTON, VA – USDA is projecting an increase in corn and soybean planting this year following last year’s large prevented plantings. At the recent Agricultural Outlook Forum, government economists explained that with current new crop soybean futures prices relative to corn, as well as contract bids for fall 2020 delivery, the expectation if for an increase in corn acres to 94 million. If realized, this would result in an increase of 1.2 million acres from a year ago. However, the potential for a large increase in corn area is dampened by, among other factors, rotational constraints. Thus, USDA is projecting soybean plantings at 85 million acres, a 400 thousand acre increase from 2019. Combined, corn and soybean plantings could total 179 million acres. Offsetting the increase in combined acres, however, is an expected decline in wheat and cotton plantings compared to one year ago. The total wheat area is projected at 45 million acres while cotton is expected to drop 9 percent to 12.5 million planted acres in 2020.