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

    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

    • 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.
     
     

    1 CBOT Futures

Meet the Authors

Connect with and discover our Today’s Harvest blog authors and their broad range of financial and Northeast agricultural expertise.