Corn – 2022 Prospective Plantings Decline to a Four Year Low Level, Finish Below Expectations

According to USDA’s annual prospective plantings report, 2022 corn plantings of 89.5 million acres finished 3.9 million acres, or 4.1%, below the previous year figure, reaching a four year low level. Corn prospective plantings finished 2.7% below average analyst estimates of 92.0 million acres.

Prospective corn plantings for 2022 were led by Iowa (12.6 million acres), followed by Illinois (10.7 million acres) and Nebraska (9.7 million acres). The aforementioned states combined to account for over a third of the total U.S. prospective corn plantings.

The largest YOY declines in prospective corn plantings were experienced throughout Minnesota (-600,000 acres) and North Dakota (-500,000 acres). Colorado (+70,000 acres) experienced the largest YOY increase in prospective corn plantings.

Soybeans – 2022 Prospective Plantings Down 6.4% YOY but Finish Above Expectations

2022 soybean plantings of 91.0 million acres finished 6.2 million acres, or 6.4%, below the record high level experienced throughout the previous year figure but remained at the second highest level on record. Soybean prospective plantings finished 2.3% above average analyst estimates of 88.9 million acres.

Prospective soybean plantings for 2022 were led by Illinois (11.0 million acres), followed by Iowa (10.4 million acres) and Minnesota (8.0 million acres). The aforementioned states combined to account for nearly a third of the total U.S. prospective soybean plantings.

The largest YOY increases in prospective soybean plantings were experienced throughout Illinois (+400,000 acres) and Missouri (+400,000 acres). North Dakota (-250,000 acres) experienced the largest YOY decline in prospective soybean plantings.

Wheat – 2022 Prospective Plantings Rebound to a Four Year High Level but Finish Below Expectations

2022 wheat plantings of 47.4 million acres finished 0.6 million acres, or 1.4%, above the previous year, rebounding to a four year high level. Wheat prospective plantings finished 1.1% below average analyst estimates of 47.9 million acres, however.

Prospective wheat plantings for 2022 were led by Kansas (7.4 million acres), followed by Texas (5.5 million acres) and Oklahoma (4.4 million acres). The aforementioned states combined to account for over half of the total U.S. prospective wheat plantings.

The largest YOY increases in prospective wheat plantings were experienced throughout Missouri (+160,000 acres), Kansas (+100,000 acres), Montana (+100,000 acres) and Washington (+100,000 acres). Michigan (-140,000 acres) and Colorado (-100,000 acres) experienced the largest YOY declines in prospective wheat plantings.

Total Principal Crops – 2022 Prospective Plantings Reach a Four Year High Level, up 0.4% YOY

2022 total principal crop plantings of 317.4 million acres finished 1.2 million acres, or 0.4%, above the previous year figure, reaching a four year high level.

Crops included in the area planted are corn, soybeans, wheat, sorghum, oats, barley, rye, rice, peanuts, sunflowers, cotton, dry edible beans, chickpeas, potatoes, sugarbeets, canola and proso millet. Harvested acreage is used for all hay, tobacco and sugarcane in computing total area planted. Values for 2022 were carried forward from 2021 for potatoes, proso millet, rye and sugarcane.