On February 23 and 24, the Agricultural Outlook Forum of the United States Department of Agriculture (USDA) took place. This annual event is highly anticipated as it brings the first estimates about the intention to cultivate the North American grain crop, in this case the 2023/2024 season, to be sown in April/May. With regard to corn and soybeans, an increase in area is expected in the United States, which together should add up to 72.24 million hectares. For wheat, the expectation is that 20.03 million hectares will be sown, totaling, among the three crops, 92.27 million hectares, the largest area destined to these crops in 7 years.
Despite the expectation of lower prices in 2023, compared to 2022, the historically high levels, compared to the average of the last ten years, support the sowing intention scenario in the season that is starting in the United States. According to the USDA, Americans should sow 36.8 million hectares with corn, compared to 32.86 million hectares in the past harvest (2022/23). Production should be 383.2 million tons, compared to the 348.7 million tons harvested in 2022/23. In addition to the increase in area, after the sharp drop in production in the last harvest, average productivity should be higher. For soybeans, the expectation is that 35.41 million hectares will be sown in the current cycle, the same area as estimated in the last harvest (2022/23). North American production was estimated at 122.7 million tons in 2023/24, compared to 116.4 million tons harvested in the past cycle. With the maintenance of the area for the crop, the estimate of higher production involves the ...
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