Agricultural Production and Prices
Markets for major agricultural commodities are typically analyzed by looking at supply-and-use conditions and implications for prices. From an economic perspective, these factors determine the market equilibrium. In the U.S. agricultural sector, many interactions and relationships exist between and among different commodities. For example, corn production and prices affect feed costs in the livestock sector.
Since 1993, combined acreage planted to corn, wheat, soybeans, and upland cotton in the United States has ranged from 219 million to 242 million acres. Starting in the 1990s, policy changes increased planting flexibility provided to farmers. These changes have allowed farmers to respond to market signals for their cropping choices. Over the past 10 years (2014–23), the combined annual planting acreage for these crops has maintained a higher average (236 million acres) than the previous decade (232 million acres). Since 1993, the three highest combined annual planting totals for corn, wheat, soybeans, and cotton occurred in 2012, 2014, and 2018. Combined acreage in 2023 increased from the previous year to 238 million acres with increased corn and wheat plantings, which offset decreased soybean and cotton. Combined planted acreage for the four crops in 2023 marked their 7th largest since 1993.