USDA Forecasts Lower Corn and Higher Soybean Production

The USDA’s Crop Production Report forecasted corn production to be down from 2023 and soybean production up from last year. The corn production forecast is for 15.1 billion bushels, down one percent from last year. The average corn yield forecast is a record high of 183.1 billion bushels an acre, up 5.8 bushels from 2023. Soybean growers are expected to increase their production by ten percent compared to 2023, with a record-high forecast of 4.59 billion bushels. Soybean yields are expected to average a record high of 53.2 bushels per acre, up 2.6 bushels from 2023. The all wheat production is forecast to be 1.98 billion bushels, nine percent higher than last year. Monday’s report also included the first cotton forecast of the season. The all-cotton forecast is for 15.1 million 480-pound bales, up 25 percent from last year. Yield is expected to average 840 pounds per acre, 59 pounds under 2023.

Read full WASDE report by clicking on the link: https://www.usda.gov/oce/commodity/wasde/wasde0824.pdf