Despite the bitter chill of a record week of weather, planting is on the minds of farmers across the Corn Belt. But we wanted to know just what they might be thinking so we polled our Farm Progress PANEL to get their thoughts on their intended crop mix for 2021.
And it appears most of those who responded are comfortable where they are. More than 80% say they haven't changed their rotation for 2021. What was corn last year goes to soybeans this year, it appears. Given current crop prices, that's not a surprise, though it's still early. And if there's a shift in that balance between crop prices, the scales could tip for some respondents.
About 6% chimed in that they're all in for corn in 2021. Given the price is over $5 on the board and the basis hasn't been too onerous for many, that may not be a surprise. A 250 bushel corn crop at $5 puts gross income on every acre at $1,250. To hit the same number for soybeans you'd have to hit more than 96 bushels per acre. One farmer did share that he was going to plant 30% more corn and 30% less soybeans.
And it appears 12% of those who responded see that profit potential for soybeans. They responded they're planting more soybeans for 2021. With more farmers nearing or topping that magical 100-bushel-per-acre yield, this result may not be a surprise. And there are cost differences between corn and soybeans that can make a difference too.
Be a part of the PANEL
The Farm Progress PANEL is your chance to share your thoughts on key issues. To take part, start by signing up for our daily mobile text service Farm Progress NOW. Just text FARM to 20505, then respond to the text you get back. Later in one of our daily texts we'll provide information about how to sign up for the PANEL. And thanks to the respondents for helping us out.