USDA forecasts record corn and soybean yields
•September 4, 2024•
by Rhiannon Branch
FarmWeek
Record high corn and soybean yield estimates headlined the USDA’s August crop production report. The agency forecasted a national average corn yield of 183.1 bushels per acre (bpa), up 5.8 from 2023, and a national average soybean yield of 53.2 bpa, up 2.6 bushels from last season. The state average yield estimates for Illinois are also a record high at 225 bpa for corn and 66 bpa for soybeans. “Upon initial observation, of course, the market looked a little bit spooked by the fact that you had the corn yield come in at 183. That’s a pretty good-sized yield,” Matt Bennett with AgMarket.net told FarmWeek. “But then you look, and they lowered planted and harvested acres.” Early data from the Farm Service Agency prompted acreage adjustments, unusual for the August report. USDA now pegs corn planted area at 90.7 million acres, down from 91.5 million in July, and harvested area at 82.7 million acres, down from 83.4 million last month. The acreage adjustments show USDA understands concerns for the crop in some growing areas, Bennett noted.