This year’s corn and soybean crops could be some of the largest in history according to the USDA’s latest forecast. This year’s corn crop, according to the USDA’s latest “Crop Production Report,” will reach 13.7 billion bushels which is 4% below last year’s crop, but will still be the third largest corn crop on record.
The average corn yield is estimated at 168.8 bushels per acres. This would be the second highest yield per acre if realized. The USDA is estimating record yields in Iowa, Michigan, Minnesota, Nebraska, South Dakota and Wisconsin. This year there were 88.9 million acres of corn planted. As of Aug. 2, 70% of U.S. corn was reported to be in good or excellent condition. The USDA lowered its estimated average price to $3.65 per bushel.
The USDA is forecasting this year’s soybean crop at 3.92 billion bushels, down 1% from last year. This will be the second largest soybean crop on record. This year’s soybean yield is estimated to be 46.9 bushels per acres which would be the second highest on record.
States that are estimated to set new record highs are Arkansas, Georgia, Kentucky, Michigan, Minnesota, Nebraska, South Dakota and Virginia. The USDA lowered its estimated average price to $9.15 per bushel.
U.S. wheat production is expected to reach 2.14 billion bushels this year which is an increase of 5% compared to last year. Yields are estimated at 44.1 bushels per acre, up 0.4 bushels over last year. The National Agricultural Statistics Service interviewed approximately 23,000 across the United States for this report.