The March 31, 2022, Prospective Plantings report from USDA forecasts planted corn acreage in 2022 at 89.5 million acres, down 4% or 3.87 million acres from 2021. Soybean planted acreage is forecast at a record 91 million acres for 2022, up 4% year-over-year.
Planted wheat acreage is forecast to increase 1% year-over-year to 47.4 million acres, and planted cotton acreage was forecast at 12.2 million, a 9% increase.
In a note to investors, J.P. Morgan Analyst Tami Zakaria, CFA said, "Overall, we view the Prospective Plantings report as mixed for U.S. farmers to the extent lower than expected corn acreage supports higher corn prices and higher than anticipated soybean acreage weighs on soybean prices. That said, we expect the situation in Ukraine will likely have a more significant bearing on grain markets in the near term."
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