The Crop Production report issued by USDA’s National Agricultural Statistics Service (NASS) forecasted corn production down from 2023 and soybean production up from last year. Corn production is down 1% from last year, forecast at 15.1 billion bushels; soybean growers are expected to increase their production 10% from 2023, forecast at a record high 4.59 billion bushels.
Average corn yield is forecast at record high 183.1 bushels per acre, up 5.8 bushels from last year. NASS also forecasts record high yields in Idaho, Illinois, Indiana, Iowa, Louisiana, Michigan, Nebraska, South Dakota, Washington, and Wisconsin. As of Aug. 4, 67% of this year’s corn crop was reported in good or excellent condition, 10 percentage points above the same time last year.