October 25, 2023
Ag Economy
Cash Field Crop Industry Snapshot
USDA Crop Forecast:
| National: | 2021/22 | 2022/23 | 2023/24 F |
| Corn Area Harvested (Mil. Acres) | 85.3 | 79.2 | 87.1 |
| Corn Yield/Acre (bu.) | 176.7 | 173.3 | 173.8 |
| Corn Price ($/bu.) | $6.00 | $6.60 | $4.90 |
| Soybeans Area Harvested (Mil. Acres) | 86.3 | 86.3 | 82.8 |
| Soybean Yield/Acre | 51.7 | 49.5 | 50.1 |
| Soybean Price ($/bu.) | $13.30 | $14.20 | 12.90 |
Source: USDA WASDE
USDA Crop Condition - 18 survey states:
| % Good or Excellent | As-of: Sep 25 | Previous Week | Previous Year |
| National Corn | 53% | 51% | 52% |
| National Soybeans | 50 % | 52% | 55% |
| NY Corn | 80% | 81% | 44% |
| NY Soybeans | 70% | 70% | 56% |
Source: USDA NASS
- Prices for grains and oilseeds have declined from last year, with September 2023 corn futures trading at $5.56/bu, and August soybean futures at $13.95/bu.1
- Fertilizer availability has improved, and prices have fallen significantly, although they generally remain higher than the 5-year average, depending on the type of nutrients.
- Severe drought in the Midwest could boost prices for major row crops come harvest time, but it is too early to tell what the ultimate impact on yields will be.
1 CBOT Futures
Tags: cash field
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