FBN releases 2023 Planting Intentions Report

SAN CARLOS, Calif. — Farmers Business Network, the global AgTech platform and farmer-to-farmer network, released its 2023 Planting Intentions Report giving a clear view of farmer’s plans as the season kicks off.

This annual survey is one of the first survey-based reports that is released in the industry.

FBN’s report has proven to be one of the most accurate in the industry in recent years, often providing unexpected and precise insights prior to the U.S. Department of Agriculture report, which is released later in the week.

The FBN survey responses accounted for 4.7 million acres of principal crops across the United States.

“We’re proud to provide farmers with early insights at a key time of year as farmers make critical planting decisions for their operation,” said Kevin McNew, chief economist and vice president of research at FBN.

“This report helps decipher how the complex global geopolitical factors, weather conditions and market demand are shaping farmer decisions for the year ahead. Most notably, we’re expecting corn acreage to rebound after last year, while soybean acreage should dip lower than 2022 numbers.”

The report’s main takeaways include:

Increase In Corn Acreage: U.S. corn acreage is projected to increase 3.9 million acres to 92.5 million acres in 2023, a 4.45% increase over last year. A wet and cold spring planting season in the Dakotas and Minnesota last year hindered corn acreage in 2022, but that acreage is expected to rebound this year. Michigan, Colorado, New York and Tennessee are expected to decrease corn acres this year. This projection is higher than what the USDA forecast in its February Outlook, which expected 91 million acres of corn to be planted this year. Due to these statistics, FBN economists have a slightly bearish view of the corn market.

Reduction In Soybean Acres: U.S. soybean acreage is expected to be at 84.5 million for 2023, 3.4% or 3 million acres lower than last year. FBN’s economists expect carryout to be below 200 million bushels as well as other considerable evidence to expect strong gains in new-crop soy prices. Therefore, they are bullish on soybeans for 2023.

Spring Wheat Holds Steady: U.S. farms are expected to plant 11 million acres of spring wheat in 2023, up only slightly from last year’s total. Montana and South Dakota should see a slight increase in spring wheat acreage. FBN economists have a neutral market view on spring wheat.

The report also provides insights and forecasts for crops including sorghum, cotton, durum, rice, barley and oats. The guidance for sorghum was bearish, cotton was slightly bullish, and durum was slightly bearish.

For further details and actionable intelligence, farmers can download the 2023 FBN Plantings Report by becoming a FBN member at www.fbn.com.