According to the Acreage report, the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS) has estimated that there are 94.1 million acres of corn planted in the United States for 2023, which is a 6% increase from last year. The report also states that the estimated soybean area planted is 83.5 million acres, down 5% from the previous year. To gather this information, NASS surveyed approximately 9,100 segments of land and nearly 64,000 farm operators during the first two weeks of June.
Here are the key findings from the Acreage report:
Corn:
- Growers expect to harvest 86.3 million acres of corn for grain in 2023, a 9% increase from 2022.
- Biotech varieties account for 93% of all corn acres planted in the United States, which is unchanged from 2022.
Soybeans:
- The estimated soybean harvested area for 2023 is 82.7 million acres, down 4% from 2022.
- Herbicide resistant seed varieties were used for 95% of the soybean acreage planted, remaining unchanged from 2022.
- The estimated planted area for all cotton in 2023 is 11.1 million acres, which is 19% lower than in 2022.
- Upland cotton planted area is estimated at 11.0 million acres, down 19% from last year.
- American Pima planted area is estimated at 109,000 acres, a 40% decrease from 2022.
- 97% of Upland cotton planted acres are biotech varieties, an increase of 2 percentage points from 2022.
Wheat:
- The estimated planted area for all wheat in 2023 is 49.6 million acres, a 9% increase from last year.
- Winter wheat planted area is estimated at 37.0 million acres, up 11% from 2022.
- Other spring wheat planted area is estimated at 11.1 million acres, up 3% from last year.
- Durum wheat planted area is estimated at 1.48 million acres, down 9% from last year.
In addition to the Acreage report, NASS also released the quarterly Grain Stocks report, which provides estimates of on-farm and off-farm stocks as of June 1. Here are the key findings from that report:
Grain Stocks:
- Corn stocks totaled 4.11 billion bushels, a 6% decrease from the same time last year. On-farm corn stocks increased by 5% compared to a year ago, while off-farm stocks decreased by 15%.
- Soybean stocks totaled 796 million bushels, an 18% decrease from June 1, 2022. On-farm soybean stocks were down 3% from a year ago, and off-farm stocks decreased by 26%.
- All wheat stocks totaled 580 million bushels, a 17% decrease from a year ago. On-farm all wheat stocks increased by 34% from last year, while off-farm stocks decreased by 25%.
- Durum wheat stocks totaled 28.0 million bushels, an 18% increase from June 1, 2022. On-farm stocks of Durum wheat were up 38% from the same date last year, and off-farm stocks increased by 6%.
For those interested in learning more about the reports, NASS will be hosting a live conversation on the Acreage and Grain Stocks reports with Lance Honig on Twitter Spaces at 1 p.m. ET
