USDA releases Prospective Plantings report

USDA releases Prospective Plantings report
Apr 03, 2023

Farmers plan to plant more corn and soybeans than in 2022

By Diego Flammini
Staff Writer

U.S. farmers plan to plant more corn in 2023 than they did in 2022, a USDA report says.

The March 31 USDA Prospective Plantings Report has corn acres for 2023 estimated at 92 million acres. This represents an increase of 3.42 million acres from 2022.

From a state perspective, farmers in multiple states indicated they’ll plant more corn in 2023.

In Illinois, for example, corn farmers there are prepared to plant 11 million acres of corn. This is up from 10.8 million acres in 2022.

Or in North Dakota, corn growers indicated they’ll plant 3.75 million acres of corn in 2023. This would be an increase from 2.95 million acres last year.

Farmers in a few states are scaling back corn production slightly.

In Wyoming, for example, corn farmers plan to plant about 85,000 acres of corn USDA’s report says. That acreage would be down from 95,000 in 2022.

And in Montana, farmers are ready to plant 120,000 acres of corn in 2023 compared to 130,000 in 2022.

U.S. soybean acres in 2023 could also be up from 2022’s figures.

The USDA estimates farmers will plant 87.5 million acres of soybeans this year. Soybean farmers planted 87.45 million acres in 2022.

The largest increase in soybean acres could come in North Dakota.

Farmers indicated they’ll plant 6,555,000 acres of soybeans in 2023 compared to 5,700,000 acres in 2022.

The challenge now for U.S. farmers will be getting the crops planted in time.

Planting is likely to be held up, said Moe Agostino, chief commodity strategist with Risk Management.

“It looks like a delayed planting season for all as it remains cool and wet,” he said. “The south is too wet, and the north still has too much snow.”

In terms of total principal crops, the USDA projects farmers will plant 318.1 million acres of crops. This would be up from 312,113,000 acres in 2022.

This number seems high, Agostino said.

“Maybe some prevent acres are back in play,” he said. “But we would argue that by June, corn acres will come in lower as will cotton and spring wheat acres.”

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