Farm Futures Releases 2021 Planting Intentions Survey

An August 2020 survey conducted by Farm Futures found farmers across the country are eager to plant more soybeans in 2021. Survey respondents reported a slight decline in corn acreage in favor of soybeans for next year’s crop as a recent uptick in soybean demand sparked a rally. Farm Futures respondents indicated planting 0.3 percent fewer corn acres in 2021/22 after demand destruction eroded 440 million bushels from the 2019/20 demand pipeline. While 2020/21 corn planting progress was largely underway when the pandemic caused corn demand to evaporate, farmers now have over six months of pandemic experience under their belts. The recent run-up in soybean prices has made U.S. soy acreage a hot prospect in the commodity markets. Farm Futures respondents projected planting nearly 4.1 million more acres of soybeans in 2021 compared to 2020, totaling 87.9 million acres. If realized, 2021 soybean acreage will be the third-highest planted soy acreage on record.