The January 2020 USDA Farm Futures Survey of over 750 respondents suggests that U.S. farmers will plant 96.6 million acres to corn, approximately eight percent more than in 2019. Assuming this acreage in 2020, and accepting a five-year average of 173.4 bushels per acre, the survey predicts a 15.3 billion bushel crop. The question is whether the projected volume of corn will be planted given the likelyhood of a wet spring, reminiscent of 2019. Prices for may be depressed given competition from Latin America also influencing decions on crop selection.

The Survey suggests that 80.6 million acres will be planted to soybeans, up six percent from 2019. Optimism, based on conclusion of the Phase-One Agreement with China and the hope that African Swine Fever will be controlled, have contributed to the responses by farmers concerning their intentions for the 2020 crop.