Could Wheat Plantings Move Higher In 2023?
Nearly every year for the past century, or so, U.S. wheat growers have gradually reduced wheat plantings. For example, growers cut plantings this past year by about a million acres but, perhaps that trend is turning around for 2023.
“In '22 we were just little under 46 million acres and you know in expectation that with solid pricing obviously we'll get a little bit of a rebound," noted USDA chief economist Seth Meyer. "So the first number that we put out for 2023 was 47.5 million acres so up a little under 2,000,000 acres year over year."
Meyer added the continuing war in Ukraine is helping keep wheat prices high, which could make the crop more attractive. USDA's latest forecast put the all-wheat season average price of $9.10 a bushel, which is almost $1.50 higher than this past marketing year. Meyer said that should spur growers to boost acreage at least modestly.
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