The USDA and Land IQ acreage reports, which were release on 27th April, pegged the bearing acres for the 2023 crop at 1.38 million acres and 1.37 million acres respectively. The initial Land IQ estimate forecast a removals figure of 77,714 acres, 29% higher than the year prior and 49% higher than the three-year average.
“I think that the actual bearing acreage is likely to be lower than the initial reports as there are a lot of acres that have been abandoned which still look from the outside to be bearing acres. The situation on the ground is going to deviate more from the official figures than in previous years as a result,” a US handler said to Mintec.
Both reports came in lower than the area multiplier used in the Terra Nova Trading (TNT) production estimate of 2.29 billion pounds which was released the week prior. The adjusted production figures using the TNT yield of 1650 lb/acre stand at 2.27 billion pounds (USDA area adjusted) and 2.25 billion pounds (Land IQ area adjusted).
The Land IQ final release will provide an updated look at removals and bearing acreage and is due for release in November 2023.
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