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Cash Field Crop

  • U.S. Farmers harvested 82.5 million acres of corn this fall, an increase of 1.5% over 2019. Soybean harvested area is estimated at 82.3 million acres, an increase of 9.9% over 2019.
  • The October World Agricultural Supply and Demand Estimate report (WASDE) lowered estimates of 2020-21 corn and soybean ending stocks, boosting prices somewhat.
  • New York 2020 corn production is forecast at 86.8 million bushels, an increase of 1% over 2019. Yields are expected to average 167.0 bushels/acre, compared to the national average of 178.4 bu/ac. New York soybean production is forecast at 15.0 million bushels, an increase of 39% over last year, due to a significant expansion of planted acreage. Yields are expected to average 50.0 bu/ac, compared to the national average of 51.9 bu/ac. Insufficient rainfall was a factor for many Northeast row crop growers.
  • The projected national season-average price of corn received by farmers for 2020-21 was increased to $3.60/bu, compared to last year’s average price received of $3.56.
  • The projected season average price of soybeans was increased to $9.80/bu, compared to last year’s price of $8.57.
  • Corn use for ethanol declined this year, due to lower gasoline consumption. It is expected to partially recover in 2021, to just below 2019 levels.
  • Exports for both corn and soybeans are projected to be significantly higher in 2021 than in 2020.