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USDA: More corn, wheat acreage in 2023

Baseline Projections report expects producers to reduce soybean acres


USDA released its unofficial annual ‘baseline’ forecasts projecting that U.S. farmers are likely to expand plantings of corn and wheat for the upcoming 2023/24 marketing year, while reducing soybeans.

The complete report is due to be released in February 2023.

According to reports, this Baseline Projections report may give grain traders the sense that U.S. crop sizes may bounce back next year, with USDA showing 2023 corn acreage at 92 million acres with a yield of 181.5 bushels/acre and soybean acreage at 87 million acres at 52 bushels /acre.

USDA Baseline

The USDA projections use the October 12, 2022, World Agricultural Supply and Demand Estimates (WASDE) report as the starting point, and macroeconomic forecasts developed in August 2022.

These projections, commonly referred to as the “USDA Baseline,” assume that current laws affecting federal spending and revenues remain in place throughout the projection period, and do not attempt to predict global policy or political outcomes, abnormal weather events, or other external shocks that could affect market outcomes.

Instead, they reflect USDA’s assessment of how markets would evolve under current conditions, existing laws, and normal weather patterns. Rather than serving as a prediction of the future, they are intended to serve as a neutral benchmark for measuring the effects of proposed legislation or external developments that could have enduring effects on agricultural markets.

USDA will publish its monthly supply and demand report for November on Wednesday, November 9, at noon EST.

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