U.S. production of maize, soya, and wheat expected to rise

Published Feb 27, 2023

Tridge summary

The US Department of Agriculture has forecasted an increase in the planted area for maize, wheat, and soybeans for the 2023 cropping levels, with wheat seeing the most growth due to high global prices and tight supplies. Despite this, prices for all three crops are expected to be lower than 2022 but still higher than the average of the past 10 years. The maize planted area is projected to increase by 3%, leading to higher production, domestic use, and exports. Soybean area is expected to remain the same, with demand driven by biofuel use, but exports may face competition from South American production growth. Wheat area is also expected to increase, leading to higher supplies, total use, and ending stocks. However, export prices are expected to remain uncompetitive, limiting export gains.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The expectations for the 2023 cropping levels in the US indicate growth in the planted area of maize, wheat, and soybeans, relative to the previous year. The United States Department of Agriculture (USDA) has just published its 2023/2024 supply and demand projections for a range of crops, including wheat, maize and soybeans. The combined area for the three crops is projected at 91.2Mha (million hectares), an almost 3% increase from 2022. Prices for all three crops are projected to be lower than 2022. However, they should remain elevated relative to historical averages over the past 10 years. US production Among the three main crops, wheat area is projected to increase the most, in response to continued high global prices and tight US and global supplies, partially due to the ongoing war in Ukraine. Soybean area is expected to remain about the same as in 2022. Demand for soybeans in the United States is expected to be driven by stronger demand for domestic crush – largely driven by ...

Source: UKAgriLand