The Crop Production report recently issued by USDA’s National Agricultural Statistics Service forecasted corn production up from 2022 and soybean production down from last year. Corn production is up 10% from last year, forecast at 15.1 billion bushels. Soybean growers are expected to decrease their production 2% from 2022, forecast at 4.21 billion bushels.
Average corn yield is forecast at 175.1 bushels per acre, up 1.8 bushels from last year. NASS forecasts a record-high yield in Indiana. As of July 30, 55% of this year’s corn crop was reported in good or excellent condition, six percentage points below the same time last year.