Cash Field Crop
- Corn planted area came in at 91.0 million acres, a 1.4% increase over 2019. National yield averaged 175.8 bu/ac, 5% greater than 2019, but below 2018. Total production is estimated at 14,507 million bushels, 6.5% greater than 2019.
- Corn yields in New York averaged 166 bu/ac according to NASS, but were variable, with producers in some areas reporting yields over 200 bushels, while others experienced dry conditions and lower yields. South Jersey reported above average yields.
- Soybean planted area came in at 83.1 million acres, a 9.2% increase over 2019. National yield averaged 50.7 bu/ac, 7% greater than 2019, and even with 2018. Total production is estimated at 4,170 million bushels, 17.4% greater than 2019.1
- Soybean yields in New York averaged 50 bu/ac, but as with corn, were variable, with producers in some areas reporting yields over 55 bushels, while others experienced lower yields. Wheat crops reportedly has good yields as well in most areas.
- U.S. ethanol production decreased sharply in 2020, driven by significant reductions in domestic gasoline demand, as well as reduced exports. Production bottomed out in May, at approximately 500,000 barrels/day, 50% below the 5-year average, before starting a slow recovery.2 2021 production is expected to increase as gasoline demand is restored, but is still likely to lag 2019 production levels.
- Corn exports for the 2020/21 crop year are expected to come in substantially greater than last year due to strong demand from China and other importers, as well as weather-related production decreases in other exporting countries.
- Soybean demand is likewise at a record pace, both domestically and internationally.3
- USDA forecasts corn prices for the 2020/21 market year, at $4.00 (2019/20: $3.56), and soybeans at $10.55 (2019/20: $8.57).
1 USDA WASDE December 2020
2 U.S. Energy Information Administration
3 USDA ERS