USDA’s June 30 Acreage report, which is a survey-based update of planted acres for the current crop year, indicates that for the 2022/23 crop year, farmers planted 88.3 million acres of soybeans, up 1% or 1.13 million acres, compared to 2021. This is, however, a significant decrease (2.6 million fewer planted acres) from the survey-based projections of the March Prospective Plantings Report. Corn planted acres are reported to be 89.9 million acres, down 4% or 3.4 million acres from 2021, and an increase of about 431,000 acres from what was reported in March intended acres. Cotton acres are reported at 12.5 million acres, an increase of over 1.2 million acres or 11% from 2021 but an increase of about 244,000 acres compared to intentions declared earlier this year. Wheat planted acres are reported at 47.1 million, up 1% from 2021 and a decrease of nearly 260,000 acres compared to the March Prospective Plantings report. The acreage report for all four commodities indicates farmers planted about 2.3 million acres less than what was indicated in the March report. However, USDA has indicated that a special follow-up survey will be carried out due to the significant number of acres, 4 million in corn and 15.8 million in soybeans, left to be planted, per farmers’ stated intentions.
