USDA Crop Production Report

Corn Production Down Less Than 1 Percent from October Forecast

Soybean Production Down 3 Percent 

Cotton Production Down Less Than 1 Percent

Corn: Corn production for grain is projected at 15.1 billion bushels, slightly below the previous forecast and down 1% from 2023. Yields are expected to reach a record high of 183.1 bushels per acre, down slightly from the last forecast but up 5.8 bushels from last year’s estimate. The harvested area remains steady at 82.7 million acres, a 4% decrease from 2023. As of early November, corn harvest completion stands at 91%, well ahead of last year and the 5-year average.

Soybeans: Soybean production is forecast at 4.46 billion bushels, a 3% decline from October’s estimate but a 7% increase from last year. Yields are expected to average 51.7 bushels per acre, down 1.4 bushels from October’s forecast but up 1.1 bushels from 2023. The area harvested for soybeans remains at 86.3 million acres, 5% higher than last year. As of early November, the soybean harvest was 94% complete, advancing faster than the previous year and the 5-year average.

Cotton: All cotton production is projected at 14.2 million 480-pound bales, marginally lower than the previous estimate but 18% above 2023. Yields are anticipated to average 789 pounds per acre, stable from the prior forecast but 110 pounds lower than last year. Upland cotton production is expected to reach 13.7 million bales, slightly up from October, while Pima cotton production is estimated at 481,000 bales, a 7% reduction from last month’s estimate. Cotton harvest progress is at 63%, ahead of last year and the 5-year average.