April 3, 2023

US to expand corn, soybean plantings in 2023

The US Department of Agriculture (USDA) said US farmers are planning to expand corn plantings to 91.996 million acres and soybean seedings to 87.505 million acres this year, Markets Newswire reported.

US corn plantings were 88.579 million acres and soybean seedings were 87.450 million acres in 2022.

Wheat seedings were also projected to increase to 49.855 million acres in 2022, up from 45.738 million acres last year, owing to a significant increase in winter wheat acres, according to the USDA's annual prospective plantings report.

US wheat stocks as of March 1 were the tightest in 15 years, corn stocks were at a nine-year low, and soybean supplies were the smallest in two years.

-      Markets Newswire