USDA indicates US soybean area of 87.5 mln acres in 2023, lower than expected and practically equal to the area of 2022

The area planted with soybeans in the United States in 2023 must total 87.5 mln acres, according to the planting intention report of the United States Department of Agriculture (USDA), released last Friday (31). There was a negligible increase over the previous year’s estimate.

The number was below the market expectation of 88.2 mln acres. At the USDA Annual Forum, held in February, the indication was 87.5 mln acres. Last year, US growers planted 87.45 mln acres with the oilseed. According to USDA, 15 out of the 29 growing states must increase or maintain acreage.

With this area, the USA will still have a record productive potential in the new season (over 121 mln tons), but that will only be confirmed in case the climate is very favorable in the period between May and August, without relevant problems in the main growing states. The new area indicates that the US weather market is likely to be quite busy in the coming few months as there is little room for problems.

Besides the area, data on stocks were also released. According to USDA, quarterly US soybean stocks at the March 1 position totaled 1.69 bln bushels (45.99 mln tons). Stored volume decreased by 13% compared to the same period in 2022.

The number was below market expectations of 1.75 bln bushels (47.63 mln tons). Out of the total, 750 mln bushels (20.41 mln tons) are stored by growers, with a slight decrease from the previous year. Off-farm stocks amount to 936 mln bushels (25.47 mln tons), down 21%.

Tags: USDA, planting, Oilseed, United States, soybeans, stocks, Market