The U.S. corn producers are planning to increase the corn acreage for 2023 due to the lower prices in fertilizer that are needed to grow the crop. They hope for a bumper crop after a late-season drought withered last year’s grain harvest and left U.S. corn supplies near a decade low.
Plans have been made for next season despite doubts about demand and the fact that soybean prices outpaced corn late last year.
- But early harvest forecasts and interviews with farmers suggest their confidence in the largest U.S. crop has not waned.
A bumper harvest in the world’s largest corn exporter, combined with slowing demand from slower global growth, could further depress prices for the staple grain used in fuel and animal feed after climbing to 10-year highs when Russia invaded major corn producer Ukraine a year ago.
“The decline in the cost of key inputs such as fertilizer in the second
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