USDA released the September World Agricultural Supply and Demand Estimates report Tuesday (Sept. 13, 2023). This month’s corn outlook calls for slightly larger supplies and ending stocks. Projected beginning stocks for 2023/24 are five million bushels lower, and corn production is forecast at 15.1 billion bushels, up 23 million from last month. The national average yield is forecast at 173.8 bushels per acre, down 1.3 bushels. Ending stocks are up 19 million bushels to 2.2 billion. The season-average corn price is unchanged at $4.90 per bushel.
Soybean supply and use changes for 2023/24 include lower beginning stocks, production, crush, exports, and ending stocks. The soybean yield of 50.1 bushels per acre is down 0.8 bushels from last month. Ending stocks are projected at 220 million bushels, down 25 million from last month. The season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month.
The wheat outlook for supply and use is unchanged this month. The projected 2023/24 season-average farm price is also unchanged at $7.50 per bushel.
Corn production is up, while soybean and cotton production is down from 2022, according to USDA’s Crop Production report issued Tuesday (Sept. 13, 2023). Corn production is up ten percent from last year, forecast at 15.1 billion bushels. Soybean growers are expected to decrease their production three percent from 2022, forecast at 4.15 billion bushels. Finally, cotton production is down nine percent from 2022 at 13.1 million 480-pound bales.
Planted and harvested acreage estimates for corn, cotton, and soybeans were reviewed based on all available data, including the latest certified acreage data from the Farm Service Agency. As a result, area planted to corn is estimated at 94.9 million acres, up one percent from the previous estimate, area planted to soybeans is estimated at 83.6 million acres, up slightly, and area planted to cotton is estimated at 10.2 million acres, down eight percent from the previous estimate.
USDA surveyed more than 7,000 producers across the country and conducted objective yield surveys for the report.
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