This corn and bean ratio would be new crop November soybeans for 2022 divided by new crop December corn prices for 2022.

As prices work towards the upper end of this chart that would favor soybeans as prices would work towards the lower end of the char that would favor corn.

As we move through Winter, December-March, keep in mind this survey was sent to farmers in February with farmers to respond by the 1^st of March.

At that time when this survey was produced the market was starting to favor a little bit more beans, combine that with high fertilizer prices which may have provided farmers with an incentive to plant more beans.

We saw today that corn acres came in below expectation and bean acres came in above expectation.

But we also what to note that since about the 1^st of March the bean and corn ratio has been collapsing with a huge collapse in the price today. With new crop corn sharply higher and new crop bean sharply lower.

This report is intentions, farmers intentions as of the 1^st of March, but because prices have changed rather significantly, we would believe that this could provide incentive to maybe start thinking about planting a little bit more corn and a little less beans based on the big change in the relationship between corn and soybeans since the 1^st of March.