USDA 2023 Ag Outlook Forum
The USDA 2023 Ag Outlook Forum took center stage yesterday, but it was not nearly as important as the market thinks it was.
All these numbers, including acreages, will change a lot in the coming months. These numbers are simply the benchmarks from which market analysts will comment on for the next 12 months.
One of the two things you need to know is the number of acres expected to be planted. Corn and wheat acres were higher than expected, but the market should have expected every bit of those acres. The USDA sees total corn, wheat and bean acres higher than we have seen in a long time. We really doubt that will happen unless USDA counts double crop plantings as separate acres.