90.5 Million Corn Acres Slated for 2023

According to early acreage forecasts, America’s farmland will be mainly dedicated to corn in 2023. With lower fertilizer costs than last year and more optimistic precipitation slated for the growing season, farmers are hoping for a bumper crop. With profit potential on the rise, concerns about waning demand have been minimal.

S&P Global Commodity Insights peg corn farmers to plant a whopping 90.5 million acres this year, 2.2% more than in 2022. Soybean acreage is slated to increase by just 0.6% after being favored by most growers last year. Meanwhile, U.S. corn consumption is at a seven-year low, down 4% from last year, primarily due to a decline in animal feed needs amidst avian flu.

Read more on 2023 corn production here.