In his latest crop market report—Cropland Area and Production Projected Lower, Prices Higher in 2017—AFBF economist John Newton says USDA experts late last month indicated total cropland area for the eight principal crops was projected at 249.8 million acres, down 1.4 percent from 2016.
If realized this would be the lowest planted area since 2011 when 249 million acres were planted to the eight crops, including corn, soybeans, wheat, barley, sorghum, oats, rice and cotton.
USDA believes that in addition to fewer acres being planted, projected crop yields will also decline from last year—a combo that compelled USDA to reduce its production expectations for many crops in 2017.
In the report, Newton also addresses the spring price discovery and its implications for crop insurance policies and projections for acreage changes in corn and soybeans for the upcoming year.
Download the full March 2017 Crop Market Update below.