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Corn and Soybean Production Could be Close to Record Highs this Year, USDA Predicts

Corn and Soybean Production Could be Close to Record Highs this Year, USDA Predicts

This year, the amount of corn and soybeans produced is expected to be the second- and third-highest, respectively, on record. 

High yields in both crops are expected in Illinois, Indiana, Kentucky, New York, Ohio and Pennsylvania, according to a recent report published by the U.S. Department of Agriculture. 

The federal government predicts there will be 15 billion bushels of corn and 4.37 billion bushels of soybeans produced this year — a 5.7% increase from 2020.

The top two states by crop production, Iowa and Illinois, are expected to produce 7.4% and 8.4% more corn and 19.7% and 11.6% more soybeans, respectively.
However, extreme weather might affect production in other states.

“Hurricane Ida’s impacts, which included flooding rains, damaging winds, power outages, and a coastal storm surge, were still being assessed,” the USDA said in its report.

The late-August hurricane became the strongest storm to hit Louisiana's coastline and moved through the state’s sugarcane, rice and cotton fields.

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Is China Buying US Soybeans + USDA Nov 14th Crop Report could be “Game Changing”

Video: Is China Buying US Soybeans + USDA Nov 14th Crop Report could be “Game Changing”


After a week of a U.S./China trade truce, markets/trade is skeptical that we have not seen a signed agreement nor heard much from China or seen any details. There are rumors that China is buying soybean futures & not the physical. Trust in Trump?
12 MMT of U.S. soybean purchases by China by year-end is better than 0 but we all need to give it more time and give it a chance to unfold. China did lower the tariffs on Ag and is buying U.S. wheat and sorghum.
U.S. supreme court could rule against Trumps tariffs, but the Trump administration does have a plan B.
U.S. government shutdown is now the longest in history at 38 days.
But despite a U.S. government shutdown we will be getting a USDA November crop report next Friday and it could be “game changing.” If the USDA provides a bullish surprise with lower U.S. corn and soybean yields and ending stocks that are lower than expected both corn and soybean futures will break out above their ceilings at $4.35/bu and $11.35/bu respectively.
The funds continued their selling in live and feeder cattle futures on continued fears that the Trump administration want to lower U.S. beef prices. The fundamentals have not changed, only market psychology has.
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After 34 new record highs in the S & P 500 and 124 new records in the NASDAQ in 2025 we are back to a correction and investor profit taking as AI valuations may have gotten too stretched near-term ahead of NVDA’s 3rd quarter earnings announcement on Nov. 19th. But this is not an AI bubble.
75% of Tesla shareholders approved a $1 trillion pay package for Elon Musk!
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