Market Outlook

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U.S. Winter Wheat Acreage Largest in 8 Years

USDA’s National Agricultural Statistics Service (NASS) released its first projection of U.S. winter wheat plantings for 2023/24 in its Winter Wheat and Canola Seedings report. U.S. winter wheat planted area is projected at 37.0 million acres, up 11 percent from last year to the highest level since 2015/16. Projected area for Hard Red Winter (HRW) is up 10 percent, while plantings for Soft Red Winter are forecast 20 percent higher (figure 1). White winter wheat is forecast up 3 percent from the previous year. Wheat prices hit record levels this marketing year and are expected to remain elevated into next year. Continued high futures prices and elevated crop insurance guarantee prices encouraged expanded sowings of winter wheat, despite the continuation of historic drought during the planting season in key HRW producing regions of the Southern Plains. Intended Spring wheat and Durum acreage will be reported in the March 31 USDA, NASS Prospective Plantings report.

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