Grain and oilseed prices have reacted to the war in Ukraine and that could influence the acreage mix in the United States this spring. Iowa State University Ag Economist Dr. Chad Hart says he thinks the acreage battle will be mostly between soybeans and wheat.
Hart says he thinks the soybean market needs at least 90 million acres to be comfortable, especially with the lower South American crop and the demand for soybean oil for renewable diesel.
And he thinks the Prospective Plantings Report will be interesting as there still could be some shifts after that. Plus, there will be some abandoned acres of winter wheat due to drought thrown in the battle.
With the loss of exports and possible planted acres in the Black Sea region this spring there have been some suggestions about opening CRP for a year. However, Hart thinks that is unlikely.
