With that weather outlook in mind , CattleFax expects planted corn acres this coming season to be 91.8 million , with a trend-line yield of 180 bu ./ acre . CattleFax expects soybean acres to remain near steady at 87.2 million acres .
Before the latest price surge , USDA expected more moderate feed prices later this year .
“ Feed prices during 2022 are likely to be slightly lower than 2021 . Corn prices in the first part of 2022 are expected to be above a year ago reflecting a forecast 2021-22 crop year average of $ 5.45 / bu . However , prices later in the year are expected to be below 2021 , reflecting a decline in the season-average price to $ 5.00 / bu . for 2022-23 ,” according to World Agricultural Outlook Board analysts . “ Soybean meal prices in the first part of 2022 will reflect a 2021-22 crop year average of $ 410 per ton and prices in the fourth quarter are expected to reflect a market year forecast of $ 375 for 2022-23 .”
That ’ s from February ’ s Livestock and Poultry Outlook presented during this year ’ s Agricultural Outlook Forum .
“ Significant drought in 2022 will have more noticeable impacts on cow markets , change the timing of feeder cattle and ultimately feedlot production , and will have more implications for the industry in subsequent years ,” according to Derrell Peel , Extension livestock marketing specialist at Oklahoma State University , in February market comments . “ There is potential for the drought to push cattle inventories significantly lower than planned and set up a market reaction similar to 2014-15 in the next couple of years .”
Peel pointed out the beef cow herd continues to decline from its cyclical peak in 2019 . If drought is not a limitation this year , he explained net profit potential will likely determine whether herd liquidation continues and by how much .
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