Market News & Headlines >> Little Change in 2023 Corn, Soy Crops Expected
USDA is expected to make only small downward adjustments to its estimates of 2023 U.S. corn and soybean production when it releases its annual Crop Production Summary report on Friday.
Pre-report estimates of 2023 corn production average 15.212 billion bushels in a range from 15.068-15.364 billion bushels, compared with USDA’s November estimate of 15.234 billion, according to a Bloomberg News Survey of 27 analysts.
Trade estimates of the 2023 U.S. corn yield average 174.7 bushels per acre compared with USDA’s November estimate of 174.9 bushels, while trade estimates of harvested corn acres average 87.0 million versus USDA’s most recent estimate of 87.1 million.
Pre-report estimates of the 2023 soybean crop average 4.123 billion bushels, 6 million below USDA’s November estimate in a range from 4.074-4.173 billion bushels. Trade estimates of the 2023 U.S. corn yield average 49.8 bushels per acre compared with USDA’s November estimate of 49.9 bushels, while estimates of harvested soybean acres average 82.8 million, on par with USDA’s most recent estimate.
USDA will also update its 2023 U.S. wheat production estimate, which currently sits at 1.812 billion bushels on a U.S. all-wheat yield of 48.6 bushels per acre. That estimate is unlikely to change much, if at all.
USDA’s 2023 U.S. cotton production estimate could potentially shrink further from its December estimate of 12.776 million bales, which was down from a November estimate of 13.090 million.