USDA Prospective Plantings Report Realeased

The US Department of Agriculture released its prospective plantings report on Friday. 

It says U.S. farmers are aiming to expand plantings of corn, wheat and soybeans this year, as the ongoing war in Ukraine keeps global supplies tight.

But analysts say adverse planting conditions are likely to trim back the expansion in some northern U.S. states as heavy snowpack and cold, wet soils could delay spring fieldwork.

The USDA says U.S. growers plan to seed 91.996 million acres of corn in 2023, the third most in a decade, and 87.505 million acres of soybeans, the third most on record.

All wheat plantings were seen rising to 49.855 million acres, although analysts also cautioned that harvested acres could be much lower due to drought in the southern Plains and overly wet spring wheat planting conditions in the northern Plains.

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