U.S. Corn and Soybean Production up From September

Corn and soybean production is up from September 2021, according to the Crop Production report issued Tuesday by USDA’s National Agricultural Statistics Service. Corn production is up three percent from last year, forecast at 15.0 billion bushels, and soybean growers are expected to increase their production five percent from 2020, forecast at 4.45 billion bushels.

Meanwhile, USDA’s monthly World Agriculture Supply and Demand report calls for slightly increased corn exports, lower feed and residual use, and larger ending stocks. The season-average corn price received by producers is unchanged at $5.45 per bushel. Meanwhile, soybean yield is projected at 51.5 bushels per acre, up 0.9 bushels from the September forecast. The U.S. season-average soybean price for 2021/22 is forecast at $12.35 per bushel, down 55 cents reflecting larger supplies. Finally, the outlook for wheat this month is for reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks. The season-average price increased ten cents per bushel to $6.70.