Farmers in the United States plan to increase their planting of corn and soybeans.

Grain market

COMMODITIES(B-Trams):Deekalb seed corn

In a prospective plantings report released on Friday, the U.S. Department of Agriculture (USDA) stated that farmers in the United States intend to increase plantings of corn, wheat, and soybeans this year due to the tight supply situation worldwide caused by the ongoing war in Ukraine.

Yet, antagonistic establishing conditions are probably going to manage back the extension in some northern U.S. states as weighty snowpack and cool, wet soils could defer spring hands on work, investigators said.

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Following Russia’s invasion of Ukraine, a major grain supplier, global grain supplies have fallen to near-decade lows. As a result, larger crops in other breadbaskets like the United States are required to replenish stocks and control food inflation.

According to the USDA, farmers in the United States intend to seed 91.996 million acres of corn in 2023, which is the third most in a decade, and 87.505 million acres of soybeans, which is the third most ever record. Soybean plantings fell short of the average estimate, whereas corn seedings exceeded the consensus analyst estimate.Deekalb seed corn

“Assuming you take a gander at the weather conditions estimate for the Northern Fields with how much snow that is there and more that is coming, I can see a contention made that a portion of those sections of land should get move back from corn to beans,” said Ted Seifried, boss market tactician for the Zaner Gathering.

All wheat plantings were project to reach 49.855 million acres, but analysts cautione that harvested acres could be significantly lower as a result of drought in the southern Plains and excessively wet spring wheat planting conditions in the northern Plains.

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As of March 1, the agency reported in separate quarterly grain stocks reports that U.S. wheat stocks had decreased to 946 million bushels, the lowest level in 15 years. Soybean stocks decreased to 1.685 billion bushels, a two-year low, and corn stocks fell to a nine-year low of 7.401 billion bushels.

Following the USDA report, the benchmark soybean futures Sv1 on the Chicago Board of Trade (CBOT) surged to close to a two-week high. CBOT wheat Wv1 was down 0.6 percent, while corn futures Cv1 rose 1.3 percent.