Increases for Brazil’s crop size and March exports pressure soybeans. March 21, 2023
Higher acreage is set for corn, soybeans and wheat this year with the question about the mix due to both last year's Preventive Plant and smaller cotton acres this year. Our annual survey, conducted 2/27 - 3/11, suggested +1.8 million for corn this year to 90.414 million (USDA AgForum 91.0). A +0.3 increase for soybeans to 87.768 million was called for (USDA AgForum 87.5). All wheat was seen +3.0 to 48.706 million (USDA AgForum 49.5). USDA will release their own Prospective Planting survey, conducted roughly over the same period, on 3/31.
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