US Corn Planted Area to Expand – 02/17/2023
US farmers are likely to increase corn planted area in 2023 despite increased production costs. Corn at current old crop prices provide favorable returns to land after deducting variable costs data as provided by USDA. Corn returns also hold an edge to the same calculation for Midwest soybean farmers..
| Midwest Farm Budgets Per Acre | |||
| Soybeans | Corn | ||
| Revenue | $743 | $1,211 | |
| Variable Cost Per Acre | $235 | $461 | |
| Return to land & Labor | $508 | $750 | |
| Assumptions $7 corn @ 173 Bushels/acre | |||
| $15 Soybeans @ 49.5 bushels per acre | |||
| Based on 2022/2023 yield & price outcomes | |||
| and USDA cost projection for 2023/2024 | |||
Wet weather hampered planting activities last year resulting in the loss of one million acres of corn compared to 2022 March planting intentions. The smaller base makes exceeding the year earlier corn planted acre level in 2023 easier provided the same problem does not recur this spring.
The March Prospective Planting report is scheduled for release March 31,2023.
| US Corn Data Million Bushels/Acres | ||||
| 2020 | 2021 | 2022 | 2023 Proj. | |
| March Survey | 96,990 | 91,114 | 89,490 | 90,950 |
| Planted | 90,652 | 93,357 | 88,579 | 90,950 |
| Harvested | 82,313 | 85,318 | 79,207 | 82,400 |
| % Harvested | 90.8% | 91.4% | 89.4% | 90.6% |
| Yield Bu./Ac. | 171 | 177 | 173 | 178 |
| Production | 14,111 | 15,074 | 13,730 | 14,667 |
| 2023 Forecast Based on Trend, USDA Final data prior to 2023 | ||||
Chart data for 2023 our forecast.