The US Department of Agriculture in its May 12 World Agricultural Supply and Demand Estimates report projected record-high corn and soybean production in 2023 with crop progress and weather forecasts supporting those numbers early in the season. In its initial projection for the 2023-24 marketing year (for crops harvested in 2023) the USDA forecast US corn production at a record 15,265 million bushels, up 11% from 2022, based on a record-high average yield of 181.5 bushels per acre, up 4.7%, planted area of 92 million acres, up 3.8%, and harvested area of 84.1 million acres, up 6%.
The USDA’s initial 2023 soybean production was forecast at a record 4,510 million bushels, up 5% from 2023, based on an average yield of 52 bushels per acre, up 5%, planted area of 87.5 million acres, unchanged, and harvested area of 86.7 million acres, up 0.5%. Read more