January 17, 2023

USDA says corn and soybean output down last year

The US Department of Agriculture's (USDA) National Agricultural Statistics Service 2022 Crop Production Annual Summary showed that corn and soybean production in the country declined in 2022 compared to the year prior, MorningAg reported.

13.7 billion bushels of corn were produced in the US, a 9% decrease from 2021. The estimated corn yield in the US is 173.3 bushels per acre, 3.4 bushels less than the record-breaking yield of 176.7 bushels per acre set in 2021. At 79.2 million acres, the area harvested for grain is 7% less than in 2021.

Production of soybeans totaled 4.28 billion bushels in 2022, a 4% decrease from 2021. The estimated average soybean yield is 49.5 bushels per acre, 2.2 bushels less than in 2021, and 0.7 bushels less than estimated on November 1.

The USDA also released its Winter Wheat and Canola Seedings and Grain Stocks reports, which showed the planted area for harvest for this year is expected at 37 million acres, 11% higher compared to 2022. The report provides the first indicator of this year's winter wheat acreage.

Corn storage as of December 1, 2022, was predicted to be 7% lower year-on-year in the USDA's Grain Stocks report. Stocks of soybeans were down 4% from a year ago. 10.8 billion bushels of corn and 3.02 billion bushels of soybeans were stored in all positions. From a year ago, all wheat stocks were down 7%. On December 1, 2022, there were 1.28 billion bushels of wheat in all storage locations.

-      MorningAg