The October Crop Production report from USDA’s National Agricultural Statistics Service (NASS) lowered the production forecast this year for corn, soybeans, and cotton.
Corn production is forecast at 15.1 billion bushels, down less than 1% from the previous forecast but up 10% from last year; soybean growers are expected to decrease their production 4% from 2022, forecast at 4.10 billion bushels.
Based on conditions as of Oct. 1, corn yields are expected to average 173.0 bushels per harvested acre, down 0.8 bushel from the previous forecast and down 0.4 bushel from 2022. Area harvested for grain is forecast at 87.1 million acres, unchanged from the previous forecast.
Also based on conditions as of Oct. 1, soybean yields are expected to average 49.6 bushels per acre, down 0.5 bushel from the previous forecast but unchanged from 2022. Area harvested for beans in the United States is forecast at 82.8 million acres, unchanged from the previous forecast, but down 4% from 2022.
All cotton production is forecast at 12.8 million 480-pound bales, down 2% from the previous forecast and down 11% from 2022. Based on conditions as of Oct. 1, yields are expected to average 767 pounds per harvested acre, down 19 pounds from the previous forecast and down 183 pounds from 2022.