USDA Releases U.S. Crop Production Outlook

USDA projects a record U.S. corn crop of 15.3 billion bushels, up over 10 percent on increases to both area and yield. The yield projection is 181.5 bushels per acre. The 2023-2024 corn outlook calls for larger production, greater domestic use and exports, and higher ending stocks. Total corn supplies are forecast at 16.7 billion bushels. The season-average farm price is expected to be $4.80 a bushel, down $1.80 from the prior year. The U.S. soybean crop will be 4.51 billion bushels, up five percent from last year on higher yields. Soybean supplies are projected to be up four percent to 4.75 billion bushels. The season-average soybean price is forecast more than $2 lower at $12.10 per bushel. The USDA’s all-wheat production is forecast at 1.65 million bushels, up slightly from the previous year. The all-wheat yield is projected at 44.7 bushels, and the season-average price is down to $8 a bushel.