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

Updated Feb 28, 2023
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 growth in biofuel use. Meanwhile, soybean exports are likely face competition from continued production growth in South America during the 2023/2024 US ...
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