The USDA's Crop Production report indicates a decrease in corn and soybean production from September 2023, with yield per harvested acre decreasing for both crops.
Corn production is forecast to increase by 10%, to 15.1 billion bushels, while soybean production is predicted to decrease by 4% from 2022 levels. The increase in corn production will take place in 2022. Corn is expected to have an average yield of 173.0 bushels per harvested acre. This is 0.8 bushels less than the previous prediction, and it is 0.4 bushels less than the yield that was anticipated for 2022. It is still anticipated that grain will be gathered from 87.1 million million acres of land.
The current prognosis for the average yield of soybeans is 49.6 bushels per acre, which is 0.5 bushels less than the prior projection but is consistent with the estimate for 2022. The amount of land that will be harvested for beans in the United States is forecast to be 82.8 million acres, which is comparable to the previous projection but 4% less than in 2022.
According to a report published by the United States Department of Agriculture, it is forecasted that the United States would produce 12.8 million bales of cotton weighing 480 pounds each. This represents a decrease of 2% from the previous prediction and an increase of 11% from 2022. The current forecast of 12.5 million bales of upland cotton weighing 480 pounds each is 2% lower than the prior projection, which was 11% lower than the prediction from 2022. The current estimate for the production of Pima cotton is 356,000 bales, which is the same as the projection from the previous year but 24% lower than in 2022. It is anticipated that a total of 8.02 million acres of cotton would be harvested, which is the same as the previous projection but 10% greater than in 2022.
As part of the farm operator survey, a total of around 7,800 farmers and ranchers were contacted via phone or the internet over the survey period in order to obtain information on their harvests. You can obtain additional information regarding the survey by visiting the nass.usda.gov/Publications website.
