Market Outlook

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U.S. Winter Wheat Plantings Largest in 6 Years

U.S. winter wheat plantings for the 2022/23 marketing year were reported in the January 12 Winter Wheat and Canola Seedings report published by USDA's National Agricultural Statistics Service (NASS). Winter wheat is estimated to have been seeded on 34.4 million acres, up 2 percent from last year and the largest total since 2016/17 (figure 1).  Strong pricing for wheat in the fall months created a strong incentive to plant winter wheat.  During this marketing year, wheat prices have been underpinned by tight supplies resulting from drought in major producing areas. U.S. 2021/22 wheat ending stocks, now projected at 628 million bushels, would be the smallest since 2013/14.  Winter wheat plantings are now up for the second year in a row after reaching the lowest level in 111 years in 2020/21.