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USDA forecasts US corn, soybean, and cotton production down from 2021

Photo courtesy of the U.S. Department of Agriculture (USDA)

Corn, soybean, and cotton production is down from 2021, according to Monday’s Crop Production report issued by USDA’s National Agricultural Statistics Service. Corn production is down eight percent from last year, forecast at 13.9 billion bushels, while soybean growers are expected to decrease their production one percent from 2021, forecast at 4.38 billion bushels. Meanwhile, cotton production is down 21 percent from 2021 at 13.8 million 480-pound bales. Planted corn area is estimated at 88.6 million acres, down one from the previous estimate. Area planted to soybeans is estimated at 87.5 million acres, down one percent from the previous estimate, but cotton planted area is estimated at 13.8 million acres, up 11 percent from the previous estimate. The U.S. season-average soybean price is forecast at $14.35 per bushel, unchanged from last month. Meanwhile, USDA’s World Agricultural Supply and Demand report raised the season-average corn price ten cents to $6.75 per bushel. USDA also lowered the season-average farm price for wheat 25 cents to $9.00 per bushel.

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