Hollywood promotes its coming attractions. And while a glimpse at a future USDA report may not be as glitzy, it’s far more relevant to those in the farming, investing and agricultural spaces. You can still grab some popcorn, if you would like!
RELATED (SORT OF): You can get movie popcorn delivered to your house. Cleveland.com has the distracting details.
The full Agricultural Projections report from the USDA isn’t expected to be released until next February. But we can already see some of the trends.
The projection is less corn but more beans grown in the United States for 2024 with the annual change for each approximately the same.
Planted corn acreage: decline from 94.9 million in 2023 to 91 million in 2024 (-4.1%).
Planted soybean acreage: forecast to increase from 83.6 million in 2023 to 87 million in 2024 (+4.1%).
Wheat production is expected to drop but not as much as corn.
Planted wheat acreage: decline from 49.6 million in 2023 to 48 million in 2024 (-3.2%)
The USDA is looking at lower expected prices for all three (corn, beans and wheat) next year.
Projected corn price: drop from $4.95 in 2023 to $4.50 in 2024 (-9%)
Projected soybean price: down from $12.90 in 2023 to $11.30 in 2024 (-12.4%)
Projected wheat price: decline from $7.30 in 2023 to $6.80 in 2024 (-6.8%
Farm Policy News has perspective on the USDA forecast for next year, as well as increased costs in anhydrous fertilizer. Find that here.
RELATED: Farm Progress examines whether lower wheat prices will encourage increased global demand. Here is the article.