Firm Expects Bigger Increase in Corn, Soybean Plantings Than Our Survey Suggested

Posted on Mon, 03/22/2021 - 15:22

IHS Markit (formerly IEG Vantage) projects U.S. farmers will seed 94.29 million acres to corn this spring, a slight boost from its January forecast for 94.24 million planted acres and up 3.8% from last season’s planted acres. Our acreage survey signaled corn plantings will likely come in around 93.4 million acres.

IHS Markit expects soybean plantings to come in around 89.73 million acres, down a bit from its Jan. 21 projection for plantings of 90.08 million acres but up 8% from last year. Our survey work pegged soybean planting intentions at 88.9 million acres.

All wheat plantings are likely to come in around 45.28 million acres, unchanged from its January projection and up nearly 1 million acres from year-ago, according to the firm. Our survey put all wheat plantings at 45.4 million acres. IHS Markit’s all wheat estimate included 11.490 million spring wheat plantings, a 760,000-acre retreat from 2020; our spring wheat planted acreage projection was just a bit higher at 11.6 million acres.

The firm projected all cotton plantings would total 11.804 million acres in 2021, a slight increase from its January projection but down 2.4% from year-ago. Our survey pointed to cotton planting intentions being up a bit from year-ago at 12.2 million acres.