Higher Corn, Wheat Acres Expected in 2023

USDA’s Prospective Plantings report closed out March with increased projections for corn and wheat acres. Soybean acreage is projected to be on par with 2022 acres, making for tight soybean supplies. The report pegged 2023 corn acres at 92 million, 4% higher than last year and a million acres more than USDA’s February estimate.

Wheat acres climbed 9% higher at 49.9 million, a slight bump from February’s projection of 49.5. Soybean acres climbed just slightly higher from 86.5 million acres in February to 87.5 million in March. USDA’s quarterly Grain Stocks report was also released the same day, pegging U.S. corn stocks in line with trade expectations at 7.40 billion bushels and soybeans down slightly from expectations at 1.69 billion bushels.

Read more on projected acreage and grain stocks here.