The latest World Agricultural Supply and Demand Estimates from the Department of Agriculture projects a record corn crop along with increased soybean production. Micheal Clements shares more.

Clements: USDA’s May World Agricultural Supply and Demand Estimates projects increased corn and soybean production this year. In fact, Bernt Nelson, American Farm Bureau Federation Economist, says USDA projects a record corn crop for 2023.

Nelson: USDA estimated corn planted will be around 92 million acres and a trendline yield of 181 and a half bushels per acre, this puts corn production projected at right around 15.2 billion bushels. Soybean acreage came in basically unchanged. So, we have 87 and a half million acres of soybeans projected to be planted. Yields are projected at 52 bushels per acre, this puts us at about 4.5 billion bushels for the new marketing year.

Clements: Wheat production is estimated slightly higher than last year along with declines in cotton yields.

Nelson: Planted acres for wheat came in at 49.9 million acres. The projected yield would generate wheat production of about 1.6 billion bushels. Planting expectations for cotton are about 11.3 million acres, down 18 percent from the 2022 estimate. USDA anticipates a ten percent yield dropped to 854 pounds per acre.

Clements: Nelson says the May WASDE report sets the tone for the growing season.

Nelson: Really, this was a bearish report, especially for corn and soybeans. Much like last year, this WASDE report in May has a lot of weight being carried in the global market when we talk about that Black Sea region and what might happen. Farmer planting decisions really won't be updated by USDA until the June 30 Acreage Report. This will provide more information that we can use to kind of build expectations for the upcoming marketing year.

Clements: Learn more at fb.org/MarketIntel. Micheal Clements, Washington.

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