Farmers planted sharply lower acreage this spring, according to a small online poll conducted on FarmFutures.com in June.
More farmers from states hit hard by wet conditions this spring responded to the survey. But after adjusting for that and other factors, farmers still said they put in just 95.8% of the corn they seeded last year. Trade estimates ahead of Friday's USDA plantings report expect corn acreage to drop only 2%.
The difference between farmers in the survey and the trade were even more noticeable for soybeans. Farmers said they expect to plant 1.5% less soybeans than a year ago, while the trade believes seedings will be up 1%. While traders think farmers switched corn and spring wheat ground that couldn't be planted on time to beans, prevented planted acreage outnumbered acres switched to soybeans by a 2 to 1 margin. And farmers also reported a surprisingly large amount of soybean ground they expect will be claimed as prevented.
191 growers responded to the survey.