September 3, 2024
Ag Economy
Cash Field Crop Industry Snapshot
USDA Crop Forecast:
| National: | 2021/22 | 2022/23 | 2023/24 | 2024/25 F |
| Corn Area Harvested (Mil. Acres) | 85.0 | 78.7 | 86.5 | 82.7 |
| Corn Yield/Acre (bu.) | 176.7 | 173.4 | 177.3 | 183.1 |
| Corn Price ($/bu.) | $6.00 | $6.54 | $4.65 | $4.20 |
| Soybeans Area Harvested (Mil. Acres) | 86.3 | 86.2 | 82.4 | 86.3 |
| Soybean Yield/Acre | 51.7 | 49.6 | 50.6 | 53.2 |
| Soybean Price ($/bu.) | $13.30 | $14.20 | $12.55 | $10.80 |
Source: USDA WASDE
USDA Crop Conditions - 18 survey states:
|
% Good or Excellent |
As-of: August 25 |
Previous Week |
Previous Year |
|
National Corn |
65% |
67% |
56% |
|
National Soybeans |
67% |
68% |
58% |
|
NY Corn |
85% |
88% |
6975% |
|
NY Soybeans |
79% |
80% |
62% |
Source: USDA NASS
- Prices for grains and oilseeds have declined significantly since the 2022/23 crop year.
- September 2024 corn futures are trading at $3.71/bu, and August soybean futures at $9.41/bu as of August 23.
- Overall growing conditions have been good in the Northeast, although some areas have reported moderate drought recently.
- Farmers nationwide including in the Northeast, have a lot of grain in storage. Many are now having to sell into a down market to make room for the 2024 crop.
1 CBOT Futures
Tags: cash field
- Share this post on
You Might Also Like
Meet the Authors
Connect with and discover our Today’s Harvest blog authors and their broad range of financial and Northeast agricultural expertise.