(WASHINGTON D.C.) – On Thursday morning, USDA released its Grains and Oilseeds Outlook for 2023 and called for higher planted acreage of corn, soybeans and wheat.
According to USDA; “The initial expectations for 2023 planted area indicate growth in total planted area of corn, wheat, and soybeans relative to the previous year. Combined acreage for the three crops is projected at 228 million acres—a nearly 3-percent increase from 2022. Prices for all three crops are projected to be lower than 2022 but remain elevated relative to historical averages over the past 10 years.”
USDA added; “Among the three main crops, wheat area is projected to increase the most, in response to continued high global prices and tight U.S and global supplies, partially due to the ongoing war in Ukraine. Soybean area is expected to remain about the same as in 2022. Demand for soybeans in the United States is expected to be driven by stronger demand for domestic crush— largely driven by growth in biofuel use- while exports likely face competition from continued production growth in South American during the 2023/24 U.S. marketing year. Corn planted area is projected to increase about 3 percent relative to last year when plantings were affected by weather-related delays and prevented planting in key-producing regions.”
The outlook forum report set corn yield at 181.5 bu/acre vs 173.3 last year, soybean yield at 52 bu/acre vs 49.5 last year and wheat yield at 49.2 bu.acre vs 46.5 last year.
Also, the average 2023/24 farm price for corn is projected at $5.60/bu ($6.70 last year). For soybeans the projection is $12.90/bu ($14.30 last year) and the wheat price projection is $8.50/bu ($9 last year).
Read the full report here: https://www.usda.gov/sites/default/files/documents/2023AOF-grains-oilseeds-outlook.pdf