Corn production is down, while soybean production will be higher than in 2023. That’s according to the USDA Crop Production Report, which was released on Thursday.
USDA says corn production is one percent below last year, forecast at 15.2 billion bushels. The average corn yield is predicted to be 183.6 bushels an acre, up 0.5 percent from last month and 6.3 bushels over last year.
Soybean production will be 10 percent above 2023 with a forecast of 4.59 billion bushels. Soybean yields are expected to be 53.2 bushels an acre, unchanged from last month, and 2.6 bushels above 2023.
The total planted area for corn is estimated at 90.7 million acres, while soybeans are estimated at 87.1 million acres.
Meanwhile, the USDA’s World Agricultural Supply and Demand Estimates (WASDE) Report for September says that this month’s 2024-2025 corn outlook is for smaller supplies and a modest decline in ending stocks. Projected beginning stocks are 55 million bushels lower based on increases in exports and corn used for ethanol for 2023-2024. The season-average corn price received by producers was lowered ten cents to $4.10 per bushel.
U.S. soybean supply and use changes for 2024-2025 include lower beginning stocks, production, and ending stocks. Lower beginning stocks reflect a slight increase in crush during the prior marketing year. Ending stocks are predicted to be at 550 million bushels, down 10 million from last month. The U.S. season-average price for soybeans is unchanged from the previous forecast at $10.80 per bushel.
The 2024-2025 U.S. wheat outlook is quiet relative to last month. The projected season-average farm price for wheat remains steady at $5.70 a bushel.
CLICK BELOW to hear Mike Silver with Kokomo Grain review the USDA’s Crop Progress Report and World Ag Supply and Demand Estimates (WASDE) Report for September during Hoosier Ag Today’s Farm Market Review.
