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.