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Analyst expects acre reduction in 2024

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While grain traders guess at the split between 2024 corn and soybean acres, one analyst says he thinks overall acreage will be lower. 

Jeff Peterson with Heartland Farm Partners says there are indications farmers will plant fewer corn, soybean, and wheat acres this year.

“We’re going through and evaluating the acres, and what we’re noticing is that as we look at changes in CRP, prevent plant, changes and increases in cotton acres, and also changes probably in some double crop soybeans, in our mind it looks like between corn, beans, and wheat, there could be about 6.8 million less acres than there would’ve been a year ago.”

He tells Brownfield the potential impact to prices if that occurs remains to be seen.

Analyst expects acre reduction in 2024