USDA forecasts more corn, soybean and wheat acres but lower prices and overall income in 2023. According to the agency’s estimates, U.S. farmers will plant 91 million acres of corn this year, up 2.4 million from 2022. Feed and residual use are estimated to climb by 6%. China is anticipated to lead export growth with high demand. Modest global growth is predicted, with declines in exports out of Ukraine. Due to these factors, U.S. wheat acres are expected to increase by 3.8 million in response.
Soybean acres, while unchanged, are projected to increase simply due to more favorable weather leading to higher yields. However, USDA estimates all three crops to see a dip in prices, with corn leading the fall with a 16% decline. Soybeans could see as much as a 10% drop, with wheat prices falling 6%.
Overall, U.S. farm income is expected to drop by nearly 23%, and net farm income will fall 18% this year. Even so, income should still be strong.
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