March Survey US Soybean Planted Area – 02/16/2023
Historically, soybean prices relative to corn returns, combined with past acreage trends. has accounted for 93% of the variation in the March soybean planted area survey forecast. Plugging in this year’s soybean and corn values results in a 88.9 million acre planted area forecast compared to the March survey soybean planted area 2022 forecast of 91 million acres. We have presented past soybean data with a 2023 trend forecast in the accompanying table.
| US Soybean Data Million Busshels/Acres | ||||
| 2020 | 2021 | 2022 | 2023 Proj. | |
| Plant March | 83,510 | 87,600 | 90,955 | 88,900 |
| Plant Annual | 83,354 | 87,195 | 87,450 | 88,900 |
| Harvest | 82,603 | 86,332 | 86,336 | 87,950 |
| % Harvest | 99.1% | 99.0% | 98.7% | 98.9% |
| Yield Bu/Ac | 51.0 | 51.7 | 49.5 | 50.5 |
| Production | 4,216 | 4,465 | 4,276 | 4,441 |
| 2023 Forecast Based on Trend, USDA data prior to 2023 | ||||
The soybean/corn price ratio has averaged slightly below the 1973 – 2022 average to date this season.