USDA Lowers Corn, Wheat Area Forecast

The US Department of Agriculture on Nov. 7 projected area planted to soybeans to expand in 2024, but wheat and corn planting areas were forecast to decline. The forecasts were contained in early-release tables from the USDA Agricultural Projections to 2033 report, which will be issued in February 2024. The USDA forecast area planted to all wheat for harvest in 2024 at 48 million acres, down 1.2 million acres from 49.6 million acres in 2023. The 2024 forecast compared with 46.4 million acres as the recent five-year average planted area.

Read more about USDA wheat area forecast here