The latest Crop Production report from USDA’s National Agricultural Statistics Service (NASS) is forecasting record corn and soybean yields this year, with higher total production for soybeans and slightly lower for corn.

Corn production is expected to be down 1% from last year at 15.1 billion bushels while soybean production is forecast to be 10% higher than 2023 at a record high 4.59 billion bushels.

Average corn yield is forecast at record high 183.1 bushels per acre, up 5.8 bushels from last year. NASS also forecasts record high yields in Idaho, Illinois, Indiana, Iowa, Louisiana, Michigan, Nebraska, South Dakota, Washington, and Wisconsin. As of Aug. 4, 67% of this year’s corn crop was reported in good or excellent condition, 10 percentage points above the same time last year.

Soybean yields are expected to average a record high 53.2 bushels per acre, up 2.6 bushels from 2023. If realized, the forecasted yields in Arkansas, Illinois, Indiana, Mississippi, Missouri, and Ohio will be record highs.

All wheat production is forecast at 1.98 billion bushels, up 9% from 2023, and in the first NASS production forecast of the season for cotton, all cotton production is forecast at 15.1 million 480-pound bales, up 25% from last year.