Market Briefs | April 7, 2022
2022 Prospective Plantings Report
On March 31, USDA released the Prospective Plantings report. It’s the first report of the planting season based on farmer surveys.
Overall, Arkansas farmers are expected to plant a total of 7.166 million acres of row crops in 2022, up from 7.02 million in 2021. The crop mix, however, is expected to be very different. High fertilizer prices and uncertainty about even the availability of fertilizer has resulted in a shift away from rice and corn and into soybeans and cotton. Farmers have indicated their intention to plant 750,000 acres of corn, down 100,000 acres, or 18%, from 2021. Nationwide, the crop is only expected to be down 4% from last year, with total acres pegged at 89.49 million.
Rice acres in the state are currently pegged at 1.191 million, of which 1.080 million are expected to be long grain, with 110,000 acres of medium grain. That is down 2% from last year’s crop. However, continued wet weather could shrink acreage further. Planting was reported to be 2% complete as of April 3, compared with a 5-year average of 6%. The U.S. crop is expected to be 3% smaller. Louisiana is the only state expected to increase acres over 2022, but planting progress is behind schedule. As of April 3, farmers there had planted 49% of the crop compared with a 5-year average of 62%.
This year is projected to be a record-setter for soybean production. The U.S. crop is pegged at almost 91 million acres, up 4% from last year. In Arkansas, farmers are expected to seed 3.25 million acres to soybeans. That’s 7% more acres than in 2021.
Arkansas cotton acres are expected climb 8% this year, to 520,000 acres, while the U.S. crop is pegged at 12.234 million acres, up 9% from a year ago. Production could be impacted by drought in the Southwest. Texas farmers have reported their intentions to plant 6.8 million acres of cotton, but drought could result in higher-than-average abandonment.
Arkansas farmers intend to plant 35,000 acres of peanuts, which is down 3% from last year, and have planted 220,000 acres of winter wheat. Arkansas’ hay crop is pegged at 1.190 million acres, up 1% from last year.