The USDA is projecting record large corn and soybean crops in 2023.
Domestic corn production is estimated at 15.265 billion bushels, up 1.535 billion from 2022 on increased planted area, at 92 million acres in the USDA’s Prospective Planting Report, and a yield of 181.5 bushels per acre, compared to 173.3 last year. Harvested area is expected to be 84.1 million acres, compared to 79.2 million a year ago.
Soybeans are seen at 4.51 billion bushels, a jump of 234 million on the year, with the USDA anticipating an average yield of 52 bushels per acre, compared to 49.5 a year ago.
