Indiana to Plant Five Percent More Corn Acres, Four Percent Fewer Soybean Acres in 2023, Says USDA

Indiana farmers are projected to plant 5.5 million acres of corn, which is up five percent from 2022, and 5.6 million acres of soybeans, which is down four percent lower than a year ago. That’s according to the USDA’s Prospective Plantings report, which was released on Friday.

The winter wheat acreage seeded last fall for harvest in 2023 is estimated at 440,000 acres, up 52 percent from the crop seeded in 2021. Hay acres intended for dry hay harvest, at 520,000 acres, is unchanged from last year.

Across the U.S., farmers are projected to plant 91.99 million corn acres, an increase of four percent or 3.4 million acres from 2022. Farmers are also projected to plant 87.5 million acres of soybeans, a 55 thousand-acre increase.

The all-wheat planted area is estimated at 49.9 million acres, up nine percent from 2022. Winter wheat planted estimates are 37.5 million acres, 13 percent higher than in 2022. Spring wheat acres are expected to reach 11.3 million, 18 percent below last year. All-cotton planted acres are expected to total 11.3 million acres, 18 percent lower than in 2022.

USDA also released the Quarterly Grain Stocks report on Friday. As of March 1, 2023, Indiana corn stocks totaled 588 million bushels, seven percent above a year earlier. About 60 percent of the corn was stored on farms. The second quarter disappearance was 255 million bushels, compared with 338 million bushels a year earlier.

Indiana soybean stocks on March 1, 2023, were 147 million bushels. That was 11 percent lower than stocks a year earlier. Farm stocks of soybeans were 68.0 million bushels. The second quarter indicated disappearance was 133 million bushels, compared with 106 million bushels during the same period a year ago.

Indiana wheat stocks on March 1, 2023, were 14.0 million bushels, 23 percent below a year ago. Third quarter indicated disappearance was 4.67 million bushels, compared with 4.06 million bushels last year.

Across the U.S., Corn stocks totaled 7.4 billion bushels, five percent lower than March 2022. Soybeans stored totaled 1.69 billion bushels, 13 percent lower than last year. All-wheat storage totaled 946 million bushels, eight percent lower than March 2022.

Click HERE for the USDA’s Prospective Plantings report for Indiana.

Click HERE for the USDA’s Quarterly Stocks report for Indiana.

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