2024 Crop shifts - corn down, soybean and cotton up

USDA details diverse crop yields and stocks

The 2024 agricultural landscape shows notable shifts in crop production, according to the latest USDA Crop Production Annual Summary.

Corn production saw a decrease, tallying 14.9 billion bushels, a drop of 3% from the previous year, despite achieving a record yield of 179.3 bushels per acre.

In contrast, soybean producers had a fruitful year with a total production of 4.37 billion bushels, marking a 5% increase from 2023.

The average soybean yield slightly edged past last year's figures, standing at 50.7 bushels per acre. Meanwhile, cotton producers also saw a boom, with production surging by 19% to reach 14.4 million 480-pound bales, although yield per acre fell to 836 pounds.

Looking at grain stocks as of December 1, 2024, corn stocks were slightly lower by 1% year-over-year, while soybean stocks increased by 3%. Wheat stocks experienced a rise, up 10% from the previous year, indicating a potential surplus entering 2025.

The Winter Wheat and Canola Seedings report, also released, suggests a modest increase in winter wheat planting for 2025, with an estimated 34.1 million acres planted, up 2% from last year. These figures reflect broader trends and strategic adjustments by U.S. farmers in response to market demands and climatic conditions.

This annual summary, offering a comprehensive look at the year's end acreage, yield, and production figures across various crops, is vital for stakeholders planning for the future.

For more details, the full report is available at the National Agricultural Statistics Service website.