May 3, 2023
Ag Economy
Cash Field Crop Industry Snapshot
USDA Crop Forecast
|
2020/21 |
2021/22 |
2022/23 F |
Corn Area Harvested (Mil. Acres) |
82.3 |
85.3 |
79.2 |
Corn Yield/Acre (bu.) |
171.4 |
176.7 |
173.3 |
Corn Price ($/bu.) |
$4.53 |
$6.00 |
$6.60 |
Soybeans Area Harvested (Mil. Acres) |
82.6 |
86.3 |
86.3 |
Soybean Yield/Acre |
51.0 |
51.7 |
49.5 |
Soybean Price ($/bu.) |
$10.80 |
$13.30 |
$14.30 |
Source: USDA NASS
USDA Prospective Plantings
- Prices for grains and oilseeds remain high and futures have risen lately, with September 2023 corn futures trading at $5.80/bu, and August soybean futures at $13.98/bu.1
- Export demand is forecast down slightly. Corn exports for the 2022/23 marketing year are projected at 1.85 billion bushels, below last year’s 2.47 billion bushels. Soybean exports for the 2022/23 marketing year are projected at 2.02 billion bushels, below last year’s 2.16 billion bushels. China has been a much more significant buyer of U.S. corn than in previous years and continues to be the leading destination for U.S. soybean exports, but economic turmoil there is forecast to affect its 2023 purchasing.
- Fertilizer availability has generally improved and prices have fallen but remain elevated by recent standards. Analysts forecast prices will continue to decline in 2023.
State and Crop |
2021 Acres (1,000s) |
2022 Acres |
2023 Prospective Acres |
% Chg 2022-2023 |
U.S. – Principal Crops |
317,119 |
312,113 |
318,100 |
+0.3% |
U.S. – Corn |
93,252 |
88,579 |
91,996 |
+4% |
U.S. – Soybeans |
87,195 |
87,450 |
87,505 |
-- |
NY – Principal Crops |
2,744 |
2,837 |
3,024 |
+7% |
NY – Corn |
1,040 |
1,030 |
1,100 |
+7% |
NY – Soybeans |
325 |
350 |
355 |
+1% |
Source: USDA NASS
1 CBOT Futures
Tags: cash field
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