2015 Planting Intentions: Fertilizer, Seed, Pesticide Manufacturers Dodge a Bullet
Fertilizer, seed and pesticide manufacturers likely took comfort in the acreage numbers contained in USDA's 2015 Prospective Planting report). Farmers reported intentions to plant 89.2 million acres of corn, 1.4 million less than in 2014, but about 470,000 more than the average trade guess (farmdoc daily March 31, 2015). Farmers reported intentions to plant 84.6 million acres of soybeans in 2015, 834,000 more than in 2014, but nearly 1.3 million less than the trade guess (farmdoc daily March 31, 2015). Overall, projected switches from corn to soybeans indicated in the Prospective Plantings report were less than what many had anticipated.
Input costs are higher for corn than for soybeans. In central Illinois on high-productivity farmland, 2015 fertilizer costs are projected at $148 per acre for corn-after-soybeans compared to $49 per acre for soybeans (2015 Illinois Crop Budgets). Seed costs are projected at $124 per acre for corn compared to $78 per acre for soybeans. Pesticide costs are $66 per acre for corn compared to $40 per acre for soybeans.
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