Nearly every year for the past century, U.S. wheat growers have gradually reduced wheat plantings. For example, growers cut plantings this past year by about a million acres, but that trend might be turning around for 2023. USDA chief economist Seth Meyer.
“In 2022, we were just little under 46 million acres, and, you know, in expectation that and with solid pricing obviously, we’ll get a little bit of a rebound. So, the first number that we put out for 2023 was 47.5 million acres, so up a little under 2,000,000 acres year over year.”
Meyer added the continuing war in Ukraine is helping keep wheat prices high, which could make the crop more attractive. USDA’s latest forecast put the all-wheat season average price at $9.10 a bushel, which is almost $1.50 higher than this past marketing year.
Meyer says that should spur growers to boost acreage at least modestly.