Corn and soybean production is down from September 2022, according to the crop production report issued Oct. 12 by USDA’s National Agricultural Statistics Service. Corn production is down 8% from last year, forecast at 13.9 billion bushels; soybean growers are expected to decrease their production 3% from 2021, forecast at 4.31 billion bushels.
Based on conditions as of Oct. 1, corn yields are expected to average 171.9 bushels per harvested acre, down 0.6 bushel from the previous forecast and down 4.8 bushels from 2021. Area harvested for grain is forecast at 80.8 million acres, unchanged from the previous forecast.