The U.S. Department of Agriculture (USDA) has raised its forecast for the 2023 corn crop, predicting a harvest of 15.203 billion bushels, marking the second-largest harvest in U.S. history. Key details include:
Increased Production: The forecast for corn production was increased from the September estimate of 15.186 billion bushels, with an average yield of 183.8 bushels per acre (bpa).
Soybean Production Adjustments: The USDA slightly trimmed its soybean production forecast to 4.582 billion bushels but still expects it to be a record crop.
Market Impact: Despite the larger crop, futures prices for both corn and soybeans have fallen to 2020 lows, impacting farmers’ incomes amid strong global competition from Brazil.
Global Stock Projections: The USDA projects global end-of-season corn stocks for 2024-25 at 306.52 million metric tons and soybean stocks at 134.65 million tons.