Winter wheat acreage boost a surprise
USDA says more winter wheat acres were planted in 2022 and that’s a surprise for a South Dakota market analyst. Bolt Marketing’s DuWayne Bosse says fall crop insurance prices likely had something to do with the increase.
“When you get in the Southern Plains and Eastern Cornbelt we had high fall prices. It encouraged farmers to get out and plant wheat. There was a good fall, weather wise, to get winter wheat planted. Some folks may be thinking about double cropping with soybeans.”
Bosse says more winter wheat planted could mean there are fewer acres available for other crops, including spring wheat, in some areas for the 2023 planting season.
“Minneapolis wheat may have to fight for acres. In northern South Dakota, new crop soybeans look attractive around $14. I think Minneapolis may find good support in the spring to rally and support the wheat complex.”
USDA’s 2023 prospective planting numbers will be released at the end of March.