USDA raises corn yield forecast to record level

Corn yield hits record, wheat neutral in USDA’s September report

In its September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) report, the USDA forecasts a record U.S. corn yield of 183.6 bushels per acre (bpa), slightly increasing corn production to 15.186 billion bushels. The rise in yield defied pre-report predictions, with acres harvested remaining steady at 82.7 million.

The wheat outlook was neutral, with U.S. wheat production estimates unchanged at 1.982 billion bushels for 2024-25. USDA forecasts a steady farm price of $5.70 per bushel. Globally, wheat stocks rose slightly, while Ukrainian wheat exports increased to 15.0 million metric tons (mmt).

Soybean production was slightly adjusted down, with the national average yield unchanged at 53.2 bpa. The USDA expects U.S. soybean production to reach 4.586 billion bushels, and the farm gate price remains $10.80 per bushel. 

The USDA also forecasted changes in the global agricultural market, with Brazil’s corn production for 2024-25 projected at 127 mmt and Argentina at 51 mmt.

In the livestock sector, beef production for 2024 is expected to increase, though steer prices are forecasted to drop slightly. USDA predicts increased beef imports and exports for both 2024 and 2025, highlighting mixed outcomes for the livestock market.