USDA will release its 2022-23 projections on Thursday morning at its Outlook Forum, including its 2022 acreage forecasts. In a pre-report poll by Reuters, analysts are expecting USDA to cut U.S. corn acres by 1.6 million acres or 1.7% from last year. Soybean acres are predicted to increase by 2 million acres or 2.3%. Experts note the switch is mostly due to fertilizer, seed and herbicide supply issues for corn and wheat.
While wheat prices have increased due the Russia/Ukraine tensions and bad weather in winter wheat areas, it might not entice growers to plant more spring wheat. One seed dealer noted it is sold out of wheat seed and only had 20% of normal.
Higher prices for other crops such as oats, barley, canola and sorghum could also limit some of the spring wheat acres in the Northern Plains.
