February 7, 2023

Ag Economy

Cash Field Crop Industry Snapshot

USDA Crop Progress

 

 

2020/21

2021/22

2022/23 F

Corn Area Harvested (Mil. Acres)

82.3

85.3

80.8

Corn Yield/Acre (bu.)

171.4

176.7

172.3

Corn Price ($/bu.)

$4.53

$6.00

$6.70

Soybeans Area Harvested (Mil. Acres)

82.6

86.3

86.6

Soybean Yield/Acre

51.0

51.7

50.2

Soybean Price ($/bu.)

$10.80

$13.30

$14.00

Source: USDA NASS

  • Prices for grains and oilseeds remain high but have declined since last quarter, with March 2023 corn futures trading at $6.53/bu, and January soybean futures at $14.67/bu.1  
  • Export demand is forecast down slightly. Corn exports for the 2022/23 marketing year are projected at 2.08 billion bushels, below last year’s 2.47 billion bushels. Soybean exports for the 2022/23 marketing year are projected at 2.05 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 their purchasing.
  • Fertilizer availability has generally improved and prices have fallen but remain elevated by recent standards. Analysts forecast prices will decline in 2023.
 

1 CBOT Futures

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