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 bushels per 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.
The 2024-2025 World Agricultural Supply and Demand Estimates report is calling for larger corn supplies, lower domestic use, greater exports, and smaller ending stocks.
Corn production is forecast at 15.1 billion bushels, 47 million higher than last month. Ending stocks are forecast down 24 million bushels to 2.1 billion. The season-average corn price dropped a dime to $4.20 a bushel. The outlook for soybeans includes higher production, exports, and ending stocks. Production is forecast at 4.6 billion bushels, 154 million higher than in July. Ending stocks are forecast at 560 million bushels, 125 million more than last month. The season-average soybean price dropped 30 cents to $10.80 per bushel.
The wheat outlook is for lower supplies, slightly higher domestic use, unchanged exports, and smaller ending stocks. Projected ending stocks are down 28 million bushels to 828 million. The season-average farm price is unchanged from last month at $5.70 per bushel.
