At its 100th Annual Ag Outlook Forum, USDA estimated corn acreage at 91 million acres and soybeans at 87.5 million acres. If realized, corn acreage would be down 3.6 percent from last year and soybeans would be down nearly four percent. USDA Chief Economist Seth Meyer kicked off the event, indicating prices for corn, soybeans and wheat will likely erode this year. Outside of fertilizer, Meyer said margins will be squeezed by generally higher crop input costs. “It may have been easier to make a little bit of money in 2022 and 2023.; it’s going to be a little bit tougher in the next crop year,” said Meyer. “When prices normalize, inputs prices tend to be pretty sticky and that’s a problem.”
