USDA is projecting record, large corn and soybean crops in 2023

Corn and soybeans news graphic (Photo via Unsplash In collaboration with Getty Images)

(Brownfield) – The USDA is projecting record large corn and soybean crops in 2023.

Domestic corn production is estimated at 15.265 billion bushels, up 1.535 billion from 2022 on increased planted area, at 92 million acres in the USDA’s Prospective Planting Report, and a yield of 181.5 bushels per acre, compared to 173.3 last year. Harvested area is expected to be 84.1 million acres, compared to 79.2 million a year ago.

Soybeans are seen at 4.51 billion bushels, a jump of 234 million on the year, with the USDA anticipating an average yield of 52 bushels per acre, compared to 49.5 a year ago. Planted area is expected to be steady, while the harvested area is estimated at 86.7 million acres, which would be 400,000 more than last year.

Neither crop is fully planted and there’s a full growing season to go, but if realized, those record crops and some shifts in demand would send domestic new crop ending stocks sharply higher.

New crop corn ending stocks are pegged at 2.222 billion bushels, 805 million more than the current marketing year, while the new crop soybean carryover is expected to be 335 million bushels, an increase of 120 million.

There weren’t many changes to the balance sheets for old crops corn and soybeans.

The USDA sees old crop corn ending stocks at 1.417 billion bushels, up 75 million from April on a cut in export demand, with the average estimated farm price holding at $6.60 per bushel.

Old crop soybean ending stocks were reported at 215 million bushels, 5 million more than last month on a higher import guess due to tight domestic supplies and high prices, with an average estimated farm price of $14.20 per bushel, down $.10.

The new marketing year for corn and soybeans starts September 1st.

The USDA’s next set of supply and demand estimates is out on June 9th.

(Photos via Unsplash In collaboration with Getty Images)