A recent Wall Street Journal article covered the U.S. Department of Agriculture’s annual Agricultural Outlook Forum which provides the first glimpse at crop acreage and yield expectations for the upcoming year. At the meeting, the U.S. Department of Agriculture projects that farmers will plant 182 million acres of corn and soybeans in 2021. That is an all-time high and up roughly eight million acres from last year—driven by a jump in soybean acreage, which is expected to rise nearly seven million acres from last year.
“The ag economy has entered this year with one of the strongest financial outlooks in years,” said Nathan Kauffman, vice president of the bank, at last week’s USDA forum.
Soybean-planted acres stole the show at an estimated 90 million acres, an increase of 8.3 percent from 2020 when soybean-planted acres totaled about 83 million acres. If realized, 90 million soybean-planted acres would be the second-biggest acreage ever, behind only 2017.
The article points to broad macroeconomic changes for the increase in soybean planting, from surging demand for U.S. soybeans in China to the derecho, which wiped out corn crops across the US. However, what about a deep dive into why and where these changes are happening? CIBO’s monthly forecasts are the perfect companion to the monthly WASDE and other U.S. Department of Agriculture outlooks to be able to pinpoint what’s driving the macroeconomic shifts.
“CIBO’s approach combines the latest in science, technology, modeling, and agronomy to produce fast, accurate predictions that, when partnered with the WASDE, provide a better, deeper and more complete understanding of crop yields in the US,” said Daniel Ryan, chief executive officer at CIBO Technologies.
To find out more about how CIBO is the perfect companion to the WASDE, read our eBook “The 2020 WASDE Companion: How CIBO Adds Depth, Speed & Accuracy”.