USDA Lowers U.S. Corn and Soybean Production

The latest USDA estimate for 2020 corn and soybean production was below last month’s report and the average trade guesses. U.S. corn production is at 14.2 billion bushels compared to December’s estimate of 14.5 billion bushels. Corn yield is at 172 bushels per acre, three bushels per acre lower than December. U.S. soybean production is at 4.1 billion bushels, an increase of 16 percent from 2019. Soybean yields are slightly lower at 50.2 bushels per acre, compared to 50.7 bushels per acre last month.