The United States Department of Agriculture (USDA) has released its latest crop production estimates, indicating a slight decrease in corn and soybean yields for the 2024 growing season. According to the National Agricultural Statistics Service (NASS), the forecast for corn production is now set at 15.1 billion bushels, reflecting a decrease of less than 1 percent from previous forecasts and a 1 percent decline from last year's figures.
As of November 1, the anticipated yield for corn is expected to average a record high of 183.1 bushels per harvested acre. While this marks a slight reduction of 0.7 bushels from the previous forecast, it still represents an increase of 5.8 bushels compared to 2023. The area harvested for grain remains at 82.7 million acres, consistent with previous estimates but down 4 percent from last year.
Soybean production is forecasted at 4.46 billion bushels, down 3 percent from earlier predictions, although it shows a 7 percent increase from 2023. The average yield is expected to reach 51.7 bushels per acre, a decrease of 1.4 bushels from the prior forecast but an increase of 1.1 bushels compared to last year. The area harvested for soybeans in the U.S. is projected to be 86.3 million acres, unchanged from earlier estimates and up 5 percent from 2023.
In the cotton sector, total production is estimated at 14.2 million 480-pound bales, slightly down from previous forecasts but up 18 percent from the prior year. Expected yields are unchanged at 789 pounds per harvested acre, though this reflects a decline of 110 pounds from 2023. Upland cotton production is projected at 13.7 million bales, a slight increase from earlier estimates and up 17 percent from last year. Meanwhile, Pima cotton production is forecasted at 481,000 bales, a 7 percent decrease from prior forecasts but an impressive 52 percent increase from 2023.
These projections, based on the latest conditions, provide crucial insights for farmers, producers, and market analysts as they prepare for the upcoming harvest season. The USDA's findings underscore the evolving landscape of U.S. agriculture amid fluctuating weather conditions and market demands.
