MarketsFarm — Farmers in the U.S. could grow a record-large soybean crop in 2022, according to early predictions from the U.S. Department of Agriculture released at their annual Agricultural Outlook Forum (AOF) on Thursday.
The government agency forecast soybean plantings in the country at 88 million acres, which would be up by 800,000 from the previous year. With estimated yields at 51.5 bushels per acre, the resulting 4.49 billion-bushel crop would be up from 4.435 billion in 2021-22.
Soybean exports and the U.S. domestic crush are both forecast to be up slightly in 2022-23, leading to a decline in projected ending stocks to 305 million bushels. That compares with the 325 million-bushel soybean carryout forecast for the current marketing year.
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U.S. corn area is forecast to be down by 1.4 million acres on the year, at 92 million acres. However, USDA also forecasts an increase in average yields to 181 bu./ac., from 177 in 2021-22, which would lead to a slight increase in corn production. U.S. corn production is forecast at 15.24 billion bushels, up from 15.115 billion in 2021-22.
Corn ending stocks are forecast to rise to 1.965 billion bushels in 2022-23, from an estimated 1.54 billion in the current crop year.
Total wheat area is forecast at 48 million acres, which would be up by 1.3 million on the year. Average wheat yields are forecast to rise to 49.1 bu./ac., from 44.3 the previous year. As a result, USDA pegs the total U.S. wheat crop in 2022-23 at 1.94 billion bushels, which compares with 1.646 billion in 2021-22. Projected wheat ending stocks of 731 million bushels would be up from an expected 648 million this year.
