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

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