Feb. 25, 2022
The agency anticipates corn exports to drop 75 million bushels to 2.350 billion, as competition from other exporters linger into the growing season—regardless of continued “robust demand” from China.
Corn | Area Planted (mil. ac.) | Area Harvest (mil. ac.) | Yield (bu./ac.) | Production (mil. bu.) | Season-avg. farm price ($/bu.) |
2021 | 93.4 | 85.4 | 177 | 15,115 | $5.45 |
2022 | 92.0 | 84.2 | 181 | 15,240 | $5.00 |
Soybean exports in 2022 are likely to hit 2.15 billion bushels. USDA says the increase of 100 million is in part due to the current drought in South America. However, the agency anticipates South America will recover export competition by the second half of the marketing year.
Soybean | Area Planted (mil. ac.) | Area Harvest (mil. ac.) | Yield (bu./ac.) | Production (mil. bu.) | Season-avg. farm price ($/bu.) |
2021 | 87.2 | 86.3 | 51.4 | 4,435 | $13.00 |
2022 | 88.0 | 87.2 | 51.5 | 4,490 | $12.75 |
Wheat | Area Planted (mil. ac.) | Area Harvest (mil. ac.) | Yield (bu./ac.) | Production (mil. bu.) | Season-avg. farm price ($/bu.) |
2021 | 46.7 | 37.2 | 44.3 | 1,646 | $7.30 |
2022 | 48.0 | 39.5 | 49.1 | 1,940 | $6.80 |
Cotton | Area Planted (mil. ac.) | Area Harvest (mil. ac.) | Yield (bu./ac.) | Production (mil. bales) | Season-avg. farm price (¢/lb.) |
2021 | 11.2 | 9.97 | 849 | 17.6 | 90¢ |
2022 | 12.7 | 10.20 | 856 | 18.2 | 80¢ |
"The long-term outlook for U.S. agriculture remains favorable, characterized by continued productivity growth and strong demand," Meyer says. "China has returned to become one of our leading markets as trade tensions have eased, purchasing substantial amounts of U.S. grains, oilseeds, meat, and cotton."
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