The USDA sees more corn and soybean production ahead this year. A DTN report says the USDA’s initial Grains and Oilseeds Outlook includes a rise in both planted acres and the yield forecast. The agency says corn production will be 15.2 billion bushels for the 2021-2022 crop, while soybean production is forecast at 4.5 billion bushels.
Higher demand is in the forecast for both crops, which will keep the year’s ending stocks lower, especially in soybeans. USDA released the Grains and Oilseeds Outlook at its Agricultural Outlook Forum. USDA says farmers will plant 92 million acres of corn. The yield projection is 179.5 bushels per acre, which will make the yield total of 15.2 billion bushels. The average corn price will drop by ten cents to $4.20 a bushel.
USDA says farmers will plant 90 million acres of soybeans, up 6.9 million from last year. The soybean projection of 4.5 billion bushels is nine percent higher than the previous marketing year. Ending stocks are projecting to be 145 million bushels. The season-average farm price will be $11.25 a bushel. The wheat production forecast for 2021-2022 is 1.827 billion bushels, almost unchanged from the previous year. Total acreage will be 45 million acres, with a national average yield of 49.1 bushels per acre and a higher farm-gate price of $5.50 per bushel.