Analyst: Record U.S. corn and soybean crops are possible this year

U.S. farmers will plant enough land to corn and soybeans this spring to put record harvests within reach with normal weather and “trend-type” yields, said an S&P Global update. It was the second report this week to suggest that despite the USDA’s projection of a shift toward soybeans, many farmers will stick with corn.

Growers will trim corn plantings to 93 million acres, down 1.7% from last year, and expand soybean plantings to 85.5 million acres, up 2.3%, said S&P Global. Corn production would be 15.39 billion bushels, on par or slightly larger than the record harvest of 2023, and the soybean crop would be 4.48 billion bushels, 18 million bushels larger the record set in 2021.

On Tuesday, Farm Futures magazine said its survey of farmers indicated corn plantings of 92.8 million acres this spring and soybean plantings of 85 million acres.

The USDA’s projections put corn plantings at 91 million acres this year and soybean plantings at 87 million acres, which would make a record soybean harvest possible. The corn crop, while smaller than 2023, would be the fourth to top 15 billion bushels.