The USDA’s Nov. 9 Crop Production report boosted the corn production forecast to a record high 15.2 billion bushels, up 1% from the previous forecast and up 11% from 2022. Based on conditions as of Nov. 1, yields are expected to average 174.9 bushels/acre, up 1.9 bu/a from the previous forecast and up 1.5 bu/a from last year.
Corn area harvested for grain is forecast at 87.1 million acres, unchanged from the previous forecast but up 10% from the last year.
With supply rising more than use, corn ending stocks were up 45 million bushels, to 2.2 billion, according to the latest World Agricultural Supply and Demand Estimates (WASDE) report, also released on Nov. 9. The season-average corn price was lowered 10 cents, to $4.85 per bushel.
Soybean production is estimated at 4.13 billion bushels, up 1% from the previous forecast but down 3% from last year. Soybean yields are expected to average 49.9 bu/a, up 0.3 bu/a from both the previous forecast and 2022. Total harvested area in the US is estimated at 82.8 million acres, unchanged from the previous forecast but down 4% from 2022.
With crush and exports unchanged, the WASDE report raised soybean ending stocks to 245 million bushels. The U.S. season-average soybean price for 2023/24 was forecast at $12.90 per bushel, unchanged from last month.
Cotton production is forecast at 13.1 million 480-pound bales, up 2% from the previous forecast but down 10% from 2022. Cotton yields are expected to average 783 pounds/a, up 16 pounds/a from the previous forecast but down 167 pounds/a from 2022. All cotton area harvested is forecast at 8.02 million acres, unchanged from the previous forecast but up 10% from 2022.