Cash Field Crop Industry Snapshot

USDA Crop Forecast

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.
 
 

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¹ CBOT Futures