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The US Department of Agriculture’s National Agricultural Statistics Service (NASS) released two major reports last week. The annual Prospective Plantings and quarterly Grain Stocks reports revealed that US farmers intend to plant fewer acres of corn and wheat acres this year compared to 2023, while soybean acreage will rise 3 percent. The reduction in wheat acreage is part of a longer term trend: another recently released report shows that US wheat area harvested dropped from 56 million acres in marketing year (MY) 2008/09 to a low of 35.5 million acres in 2022/23, largely because wheat has become a rotational crop alongside more profitable crops such as corn and soybeans. Globally, wheat production for 2023/24 is strong at a projected 786.7 million metric tons (mmt), down just 0.31 percent from last year’s record.Trusted Insights for What’s Ahead™