USDA Forecasts US Corn UP And Soybean Production Down From 2022

USDA

NASS

WASHINGTON, Aug. 11, 2023 – The Crop Production report issued today by USDA’s National Agricultural Statistics Service (NASS) forecasted corn production up from 2022 and soybean production down from last year. Corn production is up 10% from last year, forecast at 15.1 billion bushels; soybean growers are expected to decrease their production 2% from 2022, forecast at 4.21 billion bushels.

Average corn yield is forecast at 175.1 bushels per acre, up 1.8 bushels from last year. NASS forecasts a record-high yield in Indiana. As of July 30, 55% of this year’s corn crop was reported in good or excellent condition, six percentage points below the same time last year.

Soybean yields are expected to average 50.9 bushels per acre, up 1.4 bushels from 2022. If realized, the forecasted yields in Arkansas, Indiana, Mississippi, North Carolina, Ohio, and South Carolina will be record highs.

Wheat production is forecast at 1.73 billion bushels, up 5% from 2022. Growers are expected to produce 1.23 billion bushels of winter wheat this year, up 2% from the previous forecast and up 11% from last year. Durum wheat production is forecast at 57.4 million bushels, down 10% from 2022. All other spring wheat production is forecast at 450 million bushels, down 7% from last year. Based on Aug. 1 conditions, the U.S. all wheat yield is forecast at 45.8 bushels per acre, down less than one bushel from 2022.

Today’s report also included the first NASS production forecast of the season for U.S. cotton. NASS forecasts all cotton production at 14.0 million 480-pound bales, down 3% from last year. Yield is expected to average 779 pounds per harvested acre, down 171 pounds from 2022.

NASS interviewed approximately 14,700 producers across the country in preparation for this report. NASS is now gearing up to conduct its September Agricultural Survey, which will collect final acreage, yield, and production information for wheat, barley, oats, and rye as well as grains and oilseeds stored on farms across the country. That survey will take place during the first two weeks of September.